The Florida Public Service Commission (PSC) today approved new base rates for Florida City Gas (FCG).
Last month, the Commission reduced FCG’s requested return on equity midpoint from 10.75 percent to 9.50 percent, and reduced its revenue request from $29.0 million to $23.3 million. This includes an incremental base rate increase of $14.2 million, revenue required for FCG’s Safety, Access, and Facility Enhancement (SAFE) program (moved from surcharge to base rates), and revenue required for FCG’s Liquefied Natural Gas Facility.
Beginning in May, an FCG residential monthly customer bill using 20 therms will be $30.48 (excluding the cost of fuel), which includes a $19 customer charge and a $0.57421 per therm charge. With today’s Commission approval, FCG will begin to notify its customers of the new charges.
FCG filed its petition for a base rate increase with the Commission on May 31, 2022. The Commission held five virtual and in-person customer service hearings in September 2022. An evidentiary hearing was held December 12-13, 2022, where Commissioners heard testimony and parties were given the opportunity to cross-examine witnesses to the case.
FCG is a natural gas local distribution company providing natural gas sales and transportation. As a Florida Power & Light Company subsidiary, FCG currently serves approximately 116,000 residential, commercial, and industrial natural gas customers in Miami-Dade, Broward, St. Lucie, Indian River, Brevard, Palm Beach, Hendry, and Martin Counties.
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