Fuel Price Escalator

State regulators approve FPL's request to reduce rates starting in July

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Tuesday, June 13, 2023
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FPL does not earn a profit on fuel and works hard to operate its power plants as fuel-efficiently as possible.

Key Points: 
  • FPL does not earn a profit on fuel and works hard to operate its power plants as fuel-efficiently as possible.
  • Since FPL projected its 2023 fuel expenditures last year, natural gas prices have declined.
  • FPL has already made downward adjustments, which took effect in April and May, totaling nearly $1.4 billion in its 2023 fuel charges.
  • The July decrease approved today is the third reduction in the fuel portion of FPL bills in 2023.

FPL proposes another rate reduction beginning in July

Retrieved on: 
Friday, May 19, 2023
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FPL does not earn a profit on fuel and works hard to operate its power plants as fuel-efficiently as possible.

Key Points: 
  • FPL does not earn a profit on fuel and works hard to operate its power plants as fuel-efficiently as possible.
  • FPL has already made downward adjustments, which took effect in April and May, totaling nearly $1.4 billion in its 2023 fuel charges.
  • If the July decrease is approved, it would be the third reduction in the fuel portion of FPL bills in 2023.
  • Even with the latest proposed rate reduction, individual bills could increase as customers use more air conditioning during the summer months.

FPL files plan to reduce customer fuel charges by $379 million

Retrieved on: 
Wednesday, March 1, 2023
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JUNO BEACH, Fla., March 1, 2023 /PRNewswire/ -- Florida Power & Light Company today filed a plan to reduce customer fuel charges by $379 million beginning in May to partially offset proposed bill increases to pay for last year's two hurricane restorations and high fuel costs.

Key Points: 
  • JUNO BEACH, Fla., March 1, 2023 /PRNewswire/ -- Florida Power & Light Company today filed a plan to reduce customer fuel charges by $379 million beginning in May to partially offset proposed bill increases to pay for last year's two hurricane restorations and high fuel costs.
  • To partially offset these proposed increases, FPL's January filing also called for decreasing projected 2023 fuel charges by $1 billion due to an expected drop in natural gas prices below original projections.
  • Today's proposal to reduce fuel charges by $379 million is in addition to the earlier $1 billion proposed reduction.
  • In fact, FPL's solar fleet – the largest in America – doesn't use fuel at all to generate electricity, avoiding about $375 million in fuel costs in 2022 alone.

FPL proposes plan to recover costs of increased fuel prices and hurricane responses

Retrieved on: 
Monday, January 23, 2023
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Utilities then recover their restoration costs through a surcharge on customer bills, subject to PSC review and approval of expenses incurred.

Key Points: 
  • Utilities then recover their restoration costs through a surcharge on customer bills, subject to PSC review and approval of expenses incurred.
  • In this case, FPL is seeking recovery of $1.3 billion for incremental restoration costs from Hurricanes Ian and Nicole.
  • FPL's investments in hardening the energy grid since the destructive 2004-05 hurricane seasons helped speed restoration times and likely reduced total restoration costs for Ian and Nicole.
  • FPL is also seeking permission to recover about $2.1 billion to make up for the difference between projections and actual costs for natural gas in 2022.

FPL proposes plan to refund customers nearly $400 million in federal corporate tax savings

Retrieved on: 
Friday, September 23, 2022
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FPL does not profit from the fuel it purchases to generate electricity at power plants; it passes those costs directly to customers.

Key Points: 
  • FPL does not profit from the fuel it purchases to generate electricity at power plants; it passes those costs directly to customers.
  • FPL expects to file a mid-course fuel correction by the end of this year or early next year, which will result in an additional adjustment to rates in 2023.
  • FPL is committed to reducing and eventually eliminating the fuel portion of customer bills, but it will take time.
  • FPL has long been committed to helping customers find new ways to reduce their energy use, which is the best way to save on electric bills.