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FPL to file for 2013 rate hike

By Palm Beach Business.com

JUNO BEACH — Florida Power & Light Co. has notified the Florida Public Service Commission that it expects to ask for a rate increase that is expected to cost the average customer an additional $6.80 a month. The increase, if approved by the PSC, would would not take effect until 2013.

FPL said the hike is needed to cover higher costs of doing business and to pay for a new natural gas power plant that is expected to enter service in June 2013. FPL’s present rate agreement with the state, which effectively froze base rates for three years, expires at the end of 2012.

"We know there is never a good time for an increase, and we are particularly mindful of the impact of these uncertain economic times on our customers and our state,” FPL CEO Armando J. Olivera said. “We have worked hard to reduce costs and improve our efficiency, and we will continue to do so to keep bills low and reliability high.”

FPL said the higher rates for customers will be somewhat offset by lower fuel charges that the new plant will make possible.

FPL said it expect to file the rate hike request with the PSC before the end of March.