The Florida Public Service Commission (PSC) today approved mid-course corrections to the fuel factors and granted preliminary interim storm restoration charges for Duke Energy Florida, LLC (DEF), Florida Power & Light Company (FPL), and Tampa Electric Company (TECO).
The adjusted fuel factors reflect unrecovered fuel costs incurred in 2022. The interim storm restoration recovery charges are costs associated with named storms and will replenish each utility’s storm reserve fund. Interim storm restoration charges are approved for a 12-month recovery period and are subject to refund, with interest, pending further review once the total actual costs are known for each utility.
PSC-approved adjustments to charges and the resulting effects on residential bills are described below for each utility:
DEF
DEF’s approved charges include the new fuel factor to be recovered over 21 months and the preliminary approval for recovery of $442.1 million in interim storm restoration costs for Hurricanes Elsa, Eta, Ian, Isaias, and Nicole, and Tropical Storm Fred.
With these approved charges, the current monthly 1,000 kWh residential bill of $165.55 will change to $171.83 beginning in April, an increase of $6.28.
FPL
FPL’s approved charges include the new fuel factor and the preliminary approval for recovery of $1.5 billion in interim storm restoration costs for Hurricanes Ian and Nicole, as well as the remaining costs from Hurricanes Michael, Sally, and Zeta.
Legacy territory: With these approved charges, the current monthly 1,000 kWh residential bill of $129.59 will change to $144.38 beginning in April, an increase of $14.79.
Northwest territory: With these approved charges, the current monthly 1,000 kWh residential bill of $159.79 will change to $163.29 beginning in April, an increase of $3.50.
TECO
TECO’s approved charges include the new fuel factor and the preliminary approval for recovery of $131 million in interim storm restoration costs associated with Hurricanes Dorian, Elsa, Ian, Nicole, and Tropical Storms Alberto, Nestor, and Eta.
With these approved charges, the current monthly 1,000 kWh residential bill of $146.72 will change to $161.13 beginning in April, an increase of $14.41.
Utilities do not earn a profit on fuel charges. The fuel and capacity cost component of customers’ bills is set for each calendar year, but mid-course corrections are used when a utility’s costs increase or decrease significantly in the interim. Under Commission rules, a utility must notify the PSC when it expects an under- or over-recovery greater than 10 percent.
DEF serves more than 1.9 million retail customers in Florida. FPL serves 5.5 million customer accounts in Florida. TECO serves nearly 800,000 customers in West Central Florida.
For additional information, visit www.floridapsc.com.
