The Florida Public Service Commission (PSC) approved Florida Power & Light Company’s (FPL) request to replenish its storm reserve fund following Hurricane Matthew. While the majority of the state was spared Matthew’s worst as the storm traveled up Florida’s east coast in October 2016, FPL’s service territory suffered substantial damage.
FPL’s petition filed on December 29, 2016, is based on its 2012 Revised Stipulation and Settlement Agreement, which allows FPL to collect hurricane-related costs and maintain a storm reserve fund. This form of cost recovery is supported by the Office of Public Counsel, which represents all FPL customers. A hearing will be set in the future to consider whether the costs are reasonable and prudent.
Today’s approved interim monthly charge for FPL residential customers is $3.36 per 1,000-kilowatt hours for 12 months, beginning March 2017 and continuing through February 2018. FPL will recover approximately $318.5 million to cover costs associated with Hurricane Matthew and to replenish its storm reserve.
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