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Fla. Regulators Consider FPL Base Rate Increase

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(Source: CBS4)

(Source: CBS4)

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TALLAHASSEE (CBSMiami/AP) — The state Public Service Commission is expected to decide whether to approve a controversial settlement proposal that would allow Florida Power & Light to raise base electric rates by $378 million in January. FPL reached the settlement with large electricity customers, but the state Office of Public Counsel opposes the proposal.

The Florida Public Service Commission is scheduled Thursday to vote on the proposal which the Office of Public Counsel said is a bad deal for most customers.

Over a four-year period, it would raise base rates for a typical residential customer by nearly $10 per month. Company officials say they expect overall residential bills to increase much less due to reductions in fuel charges.

Commercial customers, though, would see their overall rates go down or at least remain flat while FPL stockholders would be allowed higher returns.

FPL serves 4.6 million homes, businesses and other customers in South Florida and on the state’s east coast.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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