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.
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