FPL, Progress Energy and TECO get rate cuts
TALLAHASSEE (AP) – The Florida Public Service Commission on Tuesday cut rates effective in January for three large power companies because of declining fuel prices and other reasons.
The commission also ordered Florida Power & Light Co. to refund $364 million because its current fuel cost recovery rate, which the commission sets annually, turned out to be too high. Customers will get a one-time credit in January. It’ll be $44.46 for a customer using 1,000 kilowatt hours per month, which is fairly typical for smaller homes.
FPL’s monthly rate also will drop by $15.29 for that level of usage to $95.43 per month. Most of the reduction could be offset, though, if the commission in January approves a requested base rate increase. Company spokesman Mayco Villafana said the amount of the potential base rate increase has not yet been calculated due to the effect of the refund.