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MarketScreener Homepage  >  Equities  >  Nyse  >  NextEra Energy    NEE

NEXTERA ENERGY

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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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04/29/2020 | 09:27am EDT

JUNO BEACH - 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.

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.

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.'

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.

Contact:

Tel: 561-694-4442

Email: Media.Relations@FPL.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 20 621 M - -
Net income 2020 4 087 M - -
Net Debt 2020 47 214 M - -
P/E ratio 2020 30,6x
Yield 2020 2,14%
Capitalization 129 B 129 B -
EV / Sales 2019
EV / Sales 2020 8,52x
Nbr of Employees 14 800
Free-Float 99,9%
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Average target price 260,00 $
Last Close Price 262,55 $
Spread / Highest target 16,2%
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