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You are here: Home / Industry / PSC Approves Fuel Charge Reduction for FPL

PSC Approves Fuel Charge Reduction for FPL

Posted on April 4, 2023

The Florida Public Service Commission (PSC) today approved a reduction of $494 million in 2023 fuel costs for Florida Power & Light Company (FPL). Of this amount, an approximate $379 million reduction will be applied from May to December 2023. The remaining $115 million will be included in FPL’s 2024 fuel cost recovery factors.

Beginning in May, FPL residential bills will reflect the reduced fuel charge:

FPL: The current monthly 1,000 kWh residential bill of $144.38 will change to $139.95, a decrease of $4.43, or approximately 3.1 percent.

FPL Northwest: The current monthly 1,000 kWh residential bill of $163.30 will change to $158.86, a decrease of $4.44, or approximately 2.7 percent.

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.

FPL serves 5.5 million customer accounts in Florida.

For additional information, visit www.floridapsc.com.

Follow the PSC on Twitter and LinkedIn.

Subscribe to the Commission’s YouTube channel for Consumer Tips and PSAs.

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Filed Under: Industry Tagged With: Florida Power & Light Company

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