TALLAHASSEE (CBSMiami) — That was fast.

The South Florida Business Journal reports Florida Power & Light Co. and key customer advocacy groups reached an agreement Thursday regarding FPL’s pending rate increase request, just hours after FPL made a late-night offer.

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Group representatives from the Florida Industrial Power Users Group, the South Florida Hospital and Healthcare Association and the Federal Executive Agencies filed the proposed agreement with the Florida Public Service Commission.

The agreement is awaiting approval.

The groups named above were opposed to FPL’s proposed rate hike.

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“We are pleased to propose a solution that would limit the increase for the typical residential customer to about 4 cents a day, including changes in base rates, fuel and other components of the bill,” FPL President Eric Silagy said in a news release via the South Florida Business Journal.

The agreement, if it is approved, will cover the costs of three new power plants in Port Everglades, Riviera Beach and Cape Canaveral, which are expected to begin operation in the next few years.

As FPL told CBS4 in early August, customers can expect a decrease in their bills.

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The South Florida Business Journal contributed to this report.

CBSMiami.com Team