Florida Power & Light officially asked regulators Friday to sign off on a four-year rate increase that would generate billions in additional revenue for the state’s largest utility.
If approved by the Florida Public Service Commission, the rate hike would average out to 2.5 percent a year, according to FPL’s filing. But many average residential customers would see rates jump nearly 6 percent in 2026 and a further 4 percent the following year, according to figures provided by the utility, which serves about 6 million customers.
FPL says the rate hike will help meet growth needs, allowing the company to diversify electricity generation assets by adding more solar capacity and battery storage technology. If granted, the increase would generate about $1.54 billion in additional money in 2026 and $927 million in 2027.
“The balanced plan we submitted to the PSC would enable FPL to continue to make smart investments in the grid and in new generation resources to benefit our customers and to power our fast-growing state,” said FPL President and CEO Armando Pimentel in a statement.
