FPL proposes another rate reduction beginning in July

JUNO BEACH, Fla., May 19, 2023 /PRNewswire/ -- On the heels of a rate decrease that began this month, Florida Power & Light Company today proposed a $256 million rate reduction with the Florida Public Service Commission to take effect in July.

"This is more positive news for our customers," said Armando Pimentel, president and CEO of FPL. "We know that every dollar counts for our customers, and we are pleased to propose another rate reduction. At the same time, we continue to encourage our customers to use FPL's tips and free tools to help save energy and money."

Today's FPL proposal calls for reducing the fuel portion of customer bills by $256 million starting in July, reflecting continued downward revisions in projected natural gas costs for 2023 after last year's high levels.

If approved, FPL bills would remain well below the national average and the typical 1,000-kWh residential customer bill in Northwest Florida would be lower in July than it was last year. Business customer bills would decrease by 2% to 5%, depending on rate class.

The PSC approves a fuel charge on customer bills based on FPL's projection of how much it will spend on fuel for its generating plants. 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. If the July decrease is approved, it would be the third reduction in the fuel portion of FPL bills in 2023.

FPL offers energy-saving tips to customers
Even with the latest proposed rate reduction, individual bills could increase as customers use more air conditioning during the summer months. FPL is encouraging customers to take steps now to lower their bills by monitoring energy use and making their homes more energy efficient.

For example, customers can:

• Cool their home at 78° or higher; each degree customers increase the temperature on their thermostats can reduce bills by up to 5% a month for cooling costs
• Clean the lint filter in their dryer before each load to minimize drying time
• Turn off ceiling fans and lights in unoccupied rooms
• View daily, weekly and monthly energy use by using the FPL Mobile App, which is available on the Apple App store, Google Play or by texting "App" to MyFPL (69375)
• Activate the free FPL Energy Manager tool to monitor how your home is using energy and identify ways to save
• Visit FPL.com/waystosave for more helpful tips

Florida Power & Light Company
As America's largest electric utility, Florida Power & Light Company serves more customers and sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.8 million accounts, or more than 12 million people. FPL operates one of the cleanest power generation fleets in the U.S and in 2022 won the ReliabilityOne® National Reliability Award for the seventh time in the last eight years. The company was also recognized in 2022 as one of the most trusted U.S. electric utilities by Escalent for the ninth consecutive year. FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry in Fortune's 2023 list of "World's Most Admired Companies" and recognized on Fortune's 2021 list of companies that "Change the World." NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

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SOURCE Florida Power & Light Company