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MarketScreener Homepage  >  Equities  >  Nyse  >  NextEra Energy    NEE


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NextEra Energy : Florida Public Service Commission unanimously approves FPL's plan to lower bills for the second time this year amid COVID-19 pandemic

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04/28/2020 | 10:48am EDT

JUNO BEACH, Fla. - The Florida Public Service Commission (PSC) today unanimously approved Florida Power & Light Company's plan to significantly lower bills for the second time this year and fast-track savings to customers amid the ongoing coronavirus (COVID-19) pandemic. Due to lower fuel costs, most customers will see a one-time decrease of nearly 25% on their May bill.

In Florida, FPL and other electric providers traditionally refund any fuel savings to customers over many months. However, given the abrupt financial challenges facing many customers due to COVID-19, FPL will instead give customers the total annual savings in a single month's bill. For FPL's Budget Billing customers, the savings from this reduction will be averaged out on the customers' actual bills for the next 12 months. Business customers will also see a significant one-time decrease in May, that will vary by rate class.

The PSC approved FPL's plan during a special agenda conference in order to expedite customer savings.

'In quickly coming together to thoroughly review and approve this plan, our regulators, once again, demonstrated their continued commitment to watching out for customers' best interests by returning savings to them as quickly as possible,' said FPL President and CEO Eric Silagy. 'Traditionally, these types of savings are spread out over the balance of the year. However, challenging times call for exceptional measures. I believe this one-time bill decrease is the most effective way to infuse customers with much-needed money as we all navigate through this difficult and unsettling time together.'

FPL's Typical 1,000-kWh Residential Customer Bill

December 2019


May 2020
with one-time decrease




Before this decrease, FPL's typical bill was about 30% lower than the U.S. average, according to the latest available data.**
* FPL May bills also include a Solar Base Rate Adjustment, reflecting four new solar power plants entering service and generating clean, emissions-free energy for customers
**U.S. average ($141.56) is based on Summer 2019 bills from 175 utilities, published by the Edison Electric Institute

FPL's typical monthly residential customer bill is already among the lowest in the state and nation and decreased nearly 4% in January, primarily due to lower fuel costs as a result of low natural gas prices. FPL has also invested in new, ultra-efficient natural gas power plants, large- scale solar energy facilities and a variety of cutting-edge technologies - all of which helped FPL reduce the amount of fuel it needs to provide electricity. Just like driving a new car instead of one built in the 1970s, FPL's smart investments in modern technology have helped the company reduce operating and fuel expenses, which is why FPL is now the most cost-efficient electric utility in the United States and one of the nation's most fuel-efficient and cleanest energy providers.

In addition, FPL's free tools like the mobile app, personalized energy dashboard and Energy Analyzer are available to help customers manage their energy usage as hot weather and more people at home drive up bills.

Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30% lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98%, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2019 as one of the most trusted U.S. electric utilities by Escalent for the sixth consecutive year. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2020 list of 'World's Most Admired Companies.' NextEra Energy is also the parent company of Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.


NextEra Energy Inc. published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2020 14:47:17 UTC

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