PENSACOLA, Fla. (WKRG) — Florida Power and Light is planning more rate increases on customers’ monthly bills over the next two years because of a volatile natural gas market in 2022.
Attorneys for the utility company went before the Florida Public Service Commission asking for a rate increase during a hearing that ended Tuesday afternoon.
“In terms of FPL’s fuel costs, this means in a month and a half, we had a billion dollar swing upward followed by a swing in the opposite direction of more than a billion dollars and these swings reflect projected costs just for the second half of the year,” said FPL Attorney Maria Moncada.
Attorneys representing customers said FPL should’ve done a midcourse correction this year and it’s worse for the customers’ bills the longer they wait.
“This kicking the can down the road is not something that benefits the consumers,” said Jon Moyle with the Florida Industrial Power Users Group.
“Their rates for 2022 have not been fair, just and reasonable and their rates for 2023 and into 2024 will not be fair, just and reasonable,” said Robert Scheffel Wright with the Florida Retail Federation. “This is not appropriate rate making.”
FPL said they waited because of the volatility of the market and will have a better idea of their losses at the end of December.
“FPL will provide customers the benefit of greater bill stability by waiting for year-end actuals making a filing in January and aiming for an April 1 implementation date,” Moncada said.
FPL said it will recover the loss on customers’ bill over 21 months to reduce “rate shock.”