The Florida Public Service Commission (PSC) voted to reduce bills for Florida Power & Light Company (FPL) customers today, approving reductions to its 2018 capacity and environmental cost recovery rate components to comply with the 2017 Tax Cut and Jobs Act.
As a result of the Act, which lowered the corporate federal income tax rate from 35 percent to 21 percent, some of FPL’s projected costs are now overstated. The PSC uses “mid-course corrections” to revise recovery rates when a deviation from expected costs warrants it. FPL’s capacity cost recovery component will be reduced by $0.23 per month, and its environmental cost recovery factor will decrease by $0.36 per month for a typical residential customer.
Effective July 1, 2018, the reduced cost recovery factors and associated adjustments will decrease FPL’s monthly bills from $99.87 to $99.37 for a typical 1,000 kWh residential customer bill.
For additional information, visit www.floridapsc.com.
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