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•🔹 Who: Florida Power & Light Company (FPL), Florida Public Service Commission, FPL President & CEO Armando Pimentel
•🔹 What: FPL plans to request a rate adjustment for 2026-2029, citing investments in infrastructure, renewable energy, and reliability
•🔹 When: The request will be filed as early as February 2025, with a decision expected after a year-long review
•🔹 Where: Florida, serving approximately 6 million customer accounts
•🔹 Why: Rising infrastructure needs, clean energy expansion, and increasing costs of materials and labor require new rates to maintain service reliability
Florida Power and Light wants an additional $9 Billion from ratepayers in its next deal with the State of Florida.
Florida Power and Light, which NextEra Energy owns announced it will ask the Florida Public Service Commission for an annual 2.5% increase on rates every year between 2026 and 2029. The ask would become the single largest increase in Florida history if approved.
Protests against the last increase by the company came in 2022 when the company asked for an estimated $5 Billion in additional revenue.
Florida Power and Light explained in a press release that they wanted approval from the Florida Public Service Commission on an increase in rates so they could expand the reliability of the grid, their natural gas fleets, and renewable energy extractors like solar panels and wind farms.
“FPL has a proven track record of delivering value for our customers – including diverse energy sources, high reliability and low bills,” said Florida Power and Light CEO Armando Pimentel, “While we know there is never a good time to request a rate increase, we need to continue to make smart investments in the grid and in new generation resources so we can continue to deliver reliable electricity, enhance resiliency and diversify our generation mix to power our fast-growing state. That is our never-ending commitment to our customers and that’s what this balanced plan does.”
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Florida Power and Light services the Western Florida Panhandle, Parts of Northeast and most of South Florida.
Its parent company, NextEra Energy, bills itself as “America’s largest electric utility” and “The world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage.”
In the past five years, NextEra Energy stock prices have remained relatively stable – moving from $67.86 per share in the weeks before the pandemic to $70.88 on March 3, 2025 and averages a 3.2% dividend yield annually.
The Florida Public Service Commission is the group of appointed representatives of the people of Florida who approve or reject rates from large public service providers who have an effective monopoly on customers in a geographic region.
