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FLORIDA - A settlement proposal to resolve Florida Power & Light’s ongoing rate case is facing strong opposition from the state’s public counsel, who says the agreement would result in excessive profits for shareholders and higher electric bills for millions of Floridians.
In recent filings submitted to the Florida Public Service Commission, Public Counsel Walt Trierweiler argued the settlement is not a true compromise among opposing parties and does not reflect the broader public interest.
The proposal follows FPL’s initial request to raise base rates by nearly ten billion dollars over four years, which would have given the company the largest rate hike in U.S. utility history.
The settlement reduces the increase to about seven billion dollars while setting a midpoint shareholder return of 10.95%, which the public counsel says would still be the highest among major utilities in the continental United States.
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Trierweiler stated this rate of return would generate approximately nine hundred million dollars in excess revenue over the four-year agreement.
Supporters of the deal include several large corporations and industrial groups.
Under the plan, all customers would contribute to expanding peak-time discounts for major commercial users.
Environmental and consumer groups also object to an included tax mechanism they say could allow FPL to earn up to 11.95%, calling it a double-charging strategy that increases the financial burden on residents.
FPL maintains the rate structure is necessary to support its growing customer base and argues residential bills in 2026 will remain lower than inflation-adjusted levels from twenty years ago.
The Public Service Commission is scheduled to vote on the settlement on November 20th, a decision that will influence the energy costs of roughly twelve million customers for the next four years.