Florida regulators on Thursday approved a rate settlement that will result in higher electricity bills for Florida Power & Light customers in the coming years. The four-year agreement was reached between FPL and a range of businesses and organizations.
Under the settlement, base rates are projected to increase by $945 million in 2026 and $705 million in 2027, with additional amounts planned in 2028 and 2029 for solar and battery-storage projects.
In a statement, FPL President and CEO Armando Pimentel called the approval a “win for our customers and a win for the entire state.” He said the settlement allows the company to maintain “some of America’s most reliable electric service” and keep bills “well below the national average through the end of the decade.”
Commissioner Gary Clark described the settlement as a “balanced resolution” that is “in the public interest.” He added, “It results in fair, just and reasonable rates. The bill impacts are very reasonable for all customer classes.”
Opponents, including the state Office of Public Counsel and several consumer groups, said they expect to challenge the settlement at the Florida Supreme Court.
Residential customers using 1,000 kilowatt hours a month in FPL’s traditional service area would see bills rise from $134.14 to $136.64 in 2026, while Northwest Florida customers would see a drop from $143.60 to $141.36 in 2026 before future increases.
