Florida Power & Light Co. (FPL) and 10 major stakeholder groups have reached a four-year rate settlement with state regulators that trims the utility’s original revenue request by nearly one-third. The agreement, filed Wednesday, now heads to the Florida Public Service Commission (PSC) for review.

Under the plan, FPL’s base rate revenue requests are sharply reduced:

• 2026: Cut 39%, from $1.545 billion to $945 million
• 2027: Cut 17%, from $927 million to $766 million
• Four-year total: About $2.9 billion less than originally sought

For residential customers using 1,000 kilowatt-hours per month, bills would rise about $3.79 starting in 2026—well below FPL’s initial proposal. The utility states that bills will remain below the national average through 2029, with residential users experiencing the smallest increases compared to other customer groups.

Settlement signatories include the Florida Retail Federation, Walmart, the Southern Alliance for Clean Energy, Electrify America, EVgo Services, and several industrial and government groups.

The PSC will review the agreement and pending filings before casting its vote. If approved, the new rates will take effect on January 1.

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(Image credit: Florida Power & Light)

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