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7h ago

Florida Regulators Approve Four-Year FPL Rate Plan Raising Bills Starting in 2026

Consumer advocates vow a Supreme Court challenge over the 10.95% return on equity at the core of the deal.

PEMBROKE PINES, FLORIDA - MAY 16: High voltage power lines run along the electrical power grid on May 16, 2024, in Pembroke Pines, Florida. The grid is strained by increasing demand from electricity-hungry data centers and electric vehicles, disruptions due to severe weather events, and more. The Federal Energy Regulatory Commission recently issued a sweeping reform to transmission grid planning in an effort to improve the nation's aging power grid. (Photo by Joe Raedle/Getty Images)
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Overview

  • State regulators approved a settlement expected to generate roughly $6.9–$7 billion for Florida Power & Light over four years.
  • Base-rate hikes total $945 million in 2026 and $705 million in 2027, with additional collections in 2028 and 2029 tied to solar and battery projects.
  • FPL projects a typical residential customer using 1,000 kWh will see a 2026 increase of about $2.50 to $136.64 in most of Florida, while Northwest Florida customers would see a small decline before later increases.
  • The deal trims FPL’s original near-$10 billion proposal by about 39–40% after negotiations with business and industry groups including Walmart, RaceTrac, Wawa and the Florida Retail Federation.
  • The Office of Public Counsel and consumer groups say they will appeal to the Florida Supreme Court, as commissioners acknowledged concerns but endorsed the agreement with new rates taking effect January 1, 2026.