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Another $150 million lopped off FPL’s $1.2 billion rate hike request

by Dara Kam | January 13th, 2010

Utility regulators just chopped off another $150 million from Florida Power & Light’s $1.2 billion rate hike request. So far, they’ve cut the staff’s recommendation on the utility’s rate request – $357 million – by more than half, leaving less than $160 million on the table.

The Public Service Commission split on the latest vote – how much customers should pay to let FPL save money in the event of a storm. They’ve already got $215 million in reserve in case of a catastrophic storm. And they’re collecting almost $2.60 a month from customers to pay for past storm damages.

FPL had asked for $150 million a year for five years for a total of about $650 million. PSC staff said they should get $50 million a year.

Commissioner David Klement, newly appointed by Gov. Charlie Crist, made a motion to reduce that to $25 million a year. That motion failed. Chairman Nancy Argenziano and Commissioners Nathan Skop and Benjamin “Steve” Stevens (also new to the panel) voted to grant the utility nothing.

“I’ve heard the voices of the consumers saying right now’s not the time to charge us for an unknown storm in the future. We can’t handle it right now. Current customers are still paying for the past storms. At a time when people can hardly pay their mortgages, I don’t think they can handle anymore. At this moment, my main concern…is that we alleviate what we can,” Argenziano said. “To say that we’re going to charge today for storms we don’t know are going to come to me is one I can take off the table right now and not have on the ratepayer.”

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6 Responses to “Another $150 million lopped off FPL’s $1.2 billion rate hike request”

  1. Wellington Resident Says:

    FPL is no better than the mob…they are a bunch of thugs out trying to squeeze the public for more money. Rate hikes??? PLEASE!!! Don’t they do that already during summer months??? I HATE FPL, I wish there was a choice on electric companies, but alas, there is none so we are at the mercy of their moblike tactics!

  2. Brian M Says:

    FPL is beyond ridiculous….they are outright liars in their tv ads where they say ” we are here to save you money – we are investing in new technology that will save everyone money”….so their definition of saving money is this outrageous rate hike? – then top it off with we as consumers have no where else to turn to for power whatsoever. Meanwhile they fly their execs around in corporate jets. They hold a mammoth monopoly and should be super regulated.

  3. ELC Says:

    Let me start crying over FPL…PLEASE!!!
    They DO NOT DESERVE any more money and
    since there is no competition-they think
    and act as if they deserve every raise
    they think up. Boo…Hoo…Lets look at
    the recent cold weather where some people lost heat-yeh!FPL is very realiable utility service.We Floridians
    need more than one company servicing
    this part of the state and we certaintly
    need one that doesn’t leave people in
    the cold and then make them pay for the
    priviledge. Enough already-CUT!CUT!CUT!
    off all there raises.

  4. joe pah Says:

    For those of you complaining about FPL, what other Florida utility would you chose if you had a choice? And would it be less expensive?

  5. AL Says:

    Rates are the lowest in florida! And if you think the reliability is bad…again look up your facts…it is lower than the national average, its just that in other states people are used to it and don’t complain. Move to california where black outs are frequent and rates are huge (in a non monopoly may I add).
    With what we are currently facing economically in the state, we need investments and new jobs or else we will all continue to suffer this foreclosure nightmare and increase in the unemployment rate which trickles down and affects all of us directly. You all talk about billion dollar rate as if it you personally going to pay it. It comes to about $8 hike per family which can be clearly offset by guess what????Not using so much energy or taking one conservation initiative. Get serious people

  6. Russ Says:

    Well said AL ~ People do not understand just how bad things could be~ Florida is in the dumper. Houses in foreclosure line my street. Run down properties ruining each and every neighborhood. What will it be if another storm hits…I hate to think. We need means to keep power grid strong. Ignorance on most part is why people are against the hike. $8.00 is nothing people. You spend that on McD’s!

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