Florida Power & Light Company (FPL) has received approval from the Florida Public Service Commission (PSC) for a four-year rate agreement that will determine customer rates from 2026 through 2029. The agreement, developed in partnership with a coalition of customer groups, aims to support ongoing investments in the electric grid while keeping customer bills below the national average.
Under the new plan, FPL’s typical residential customers using 1,000 kilowatt-hours per month will see their monthly bill rise by $2.50 in most parts of Florida, moving from $134.14 to $136.64 in 2026. In Northwest Florida, the typical bill is expected to decrease slightly from $143.60 to $141.36 next year.
Armando Pimentel, President and CEO of FPL, commented on the PSC’s decision: “We appreciate the Florida Public Service Commission’s thorough review of our rate plan. Today’s vote enables FPL to continue to deliver some of America’s most reliable electric service and meet the needs of our fast-growing state—and we project will keep customer bills well below the national average through the end of the decade. As we begin our second century of serving Florida, approval of this plan is a win for our customers and a win for the entire state.”
According to FPL, when adjusted for inflation, typical residential bills in 2026 will be about 20% lower than they were two decades ago. The company has maintained rates below the national average for over ten years and expects this trend to continue through at least 2029.
The approved settlement also addresses Florida’s growing population; FPL anticipates adding approximately 335,000 new customers by decade’s end. The agreement allows for additional power generation and battery storage capacity to maintain reliable service as demand increases.
FPL states its reliability performance is currently 59% better than the national average but notes that ongoing investment is necessary to sustain this level. The agreement includes provisions for continued upgrades such as smart grid technology aimed at reducing outages and improving restoration times.
The rate-setting process spanned roughly eleven months and involved extensive input from stakeholders. FPL submitted more than 70,000 pages of documentation and responded to over 2,000 inquiries from PSC staff and other parties involved in the process. Ten public hearings were held statewide during May and June with participation from more than 400 customers.
The new rates are scheduled to take effect January 1.
FPL serves over six million customer accounts—about twelve million people—across Florida and operates one of America’s largest power generation fleets utilizing nuclear, natural gas, solar energy, and battery storage technologies.
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