State regulators grant time for FPL and key stakeholders to finalize settlement that keeps customer bills well below national average

Rhea-AI Summary

Florida Power & Light Company (NYSE:NEE) has received unanimous approval from state regulators to delay technical hearings, allowing time to finalize a four-year rate settlement agreement with key stakeholders. The settlement, supported by 10 major groups including the Florida Retail Federation and Walmart, aims to maintain customer bills below the national average through 2029.

The company must submit the finalized rate settlement agreement to the Florida Public Service Commission by August 20, 2025. The new rates, if approved, would become effective January 1, 2026. The agreement follows an extensive public review process involving thousands of documents, over 3,000 interrogatories, and 10 public hearings across Florida.

Positive

• Broad stakeholder support with 10 major groups backing the agreement
• Settlement aims to keep customer bills below national average through 2029
• Agreement enables continued investment in infrastructure while maintaining low rates

Negative

• Final settlement terms and specific rate impacts not yet disclosed
• Implementation of new rates delayed pending regulatory review

JUNO BEACH, Fla., Aug. 11, 2025 /PRNewswire/ -- State regulators unanimously agreed today to give Florida Power & Light Company and key stakeholder groups time to finalize a comprehensive four-year rate settlement that would keep customer bills well below the national average through the end of the decade.

FPL and 10 supporting groups announced on Friday that they reached an agreement in principle. Today's vote enables the parties to finalize and file the settlement agreement with the Florida Public Service Commission (PSC) by Aug. 20.

The PSC granted the request by FPL and the supporting parties to delay technical hearings that were scheduled to begin today on FPL's original rates petition for 2026-2029.

A word from FPL President and CEO Armando Pimentel: "Today's decision enables us to finalize a settlement with key stakeholders that will benefit our customers and the state of Florida. We are pleased to have reached an agreement and appreciate the Commission's actions today to ensure a fair and open process for our customers and stakeholders. We are confident that the agreement we reach should enable FPL to continue to make smart investments on behalf of our customers, ensuring we can continue to provide reliable electricity while keeping customer bills low."

Participants: The agreement in principle is supported by the Florida Retail Federation, Florida Industrial Power Users Group, Florida Energy for Innovation Association, Walmart, the Southern Alliance for Clean Energy, EVgo Services, Fuel Retailers, Electrify America, the Federal Executive Agencies and Armstrong World Industries.

How we got here: With FPL's current four-year rate agreement set to conclude at the end of this year, FPL on Feb. 28 submitted a petition to the PSC to set new rates for 2026 through 2029. That kicked off an extensive public review process in which FPL submitted thousands of pages of witness testimony and documents in support of its proposal. FPL responded to more than 3,000 interrogatories and requests for documents from 13 intervening parties and FPL witnesses participated in more than 30 depositions. The PSC conducted 10 public hearings across the state in May and June in which hundreds of customers weighed in on FPL's proposal.

What's next: Once FPL and the supporting parties submit a finalized rate settlement agreement, the PSC will set a schedule to review the entire case. FPL has proposed that new rates would take effect Jan. 1, 2026.

About Florida Power & Light Company 
Florida Power & Light Company is America's largest electric utility, delivering reliable power to more than 6 million customer accounts — serving approximately 12 million people across Florida. By leveraging a diverse energy mix, including nuclear, natural gas, solar and battery storage, FPL operates one of the most fuel- and cost-efficient power generation fleets in the U.S. and has earned the ReliabilityOne^® National Reliability Award for seven of the last ten years. FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), which is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is advancing America's energy future with one of the largest and most diverse portfolios of power generation and infrastructure solutions. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/state-regulators-grant-time-for-fpl-and-key-stakeholders-to-finalize-settlement-that-keeps-customer-bills-well-below-national-average-302526760.html

SOURCE Florida Power & Light Company

FAQ

When will FPL's (NEE) new rate settlement take effect?

The proposed new rates would take effect on January 1, 2026, subject to Florida Public Service Commission approval.

Which stakeholders support FPL's rate settlement agreement?

The agreement is supported by 10 major groups including the Florida Retail Federation, Walmart, Florida Industrial Power Users Group, Southern Alliance for Clean Energy, EVgo Services, and others.

What is the deadline for FPL to submit the finalized rate settlement?

FPL must submit the finalized rate settlement agreement to the Florida Public Service Commission by August 20, 2025.

How long will FPL's new rate agreement last?

The new rate agreement will be a four-year settlement covering 2026 through 2029.

What was the public review process for FPL's rate proposal?

The review process included thousands of pages of testimony, over 3,000 interrogatories, more than 30 depositions, and 10 public hearings across Florida.