Florida Power & Light Company (FPL) customers will soon see a one-time refund, plus interest, on their monthly bill. The Florida Public Service Commission (PSC) today approved a negotiated agreement between FPL and the Office of Public Counsel (OPC) to reduce the utility’s Hurricane Matthew recovery costs.
In February 2017, the Commission approved an interim monthly charge for FPL residential customers of $3.36 per 1,000 kilowatt hours for 12 months, beginning in March 2017 through February 2018. FPL collected $322.5 million through the interim charge, but determined its Hurricane Matthew costs totaled only $316. 5 million.
The agreement further reduces FPL’s recovery by $21.7 million, allowing $294.7 million for Hurricane Matthew recovery costs. As a result, customers will receive a $27.7 million refund. This equates to a one-time $3.18 bill credit for an FPL residential customer using 1,000 kilowatt hours of electricity.
“After hearing from all parties, today we determined this refund was in the best interest of FPL customers,” said PSC Chairman Art Graham. “The agreement provides a reasonable recovery amount, with funds available for future storm recovery, if needed.”
While the majority of the state was spared Hurricane Matthew’s worst as it traveled up Florida’s east coast in October 2016, FPL’s service territory suffered substantial damage. The PSC approved FPL’s request, filed on December 29, 2016, to replenish its storm reserve fund. FPL’s 2012 Revised Stipulation and Settlement Agreement allows FPL to collect hurricane-related costs and maintain a storm reserve fund.
FPL serves 4.9 million customer accounts across the state.
For additional information, visit floridapsc.com.