TALLAHASSEE — With a high-stakes hearing scheduled to start Monday, Florida Power & Light and numerous parties have reached a "settlement in principle" on a plan for base electric rates over the next four years, the utility said Friday.
But other parties, including most notably the state Office of Public Counsel — which is designated by law to represent consumers — have not agreed to the potential settlement and want to move forward with the planned hearing at the Florida Public Service Commission.
The developments late Friday afternoon added uncertainty to a closely watched case that has involved FPL seeking rate increases that would lead to customers paying billions of dollars in the coming years.
READ MORE: Advocates slam FPL's nearly $10 billion rate increase proposal — the largest hike in US history
In a filing at the commission, FPL did not detail terms of the potential deal but said that "on the heels of the extensive litigation" in preparation for the hearing, "FPL and multiple intervenors have reached a settlement in principle that would resolve all pending issues."
The utility asked the regulatory commission to suspend timeframes in the case "to allow the settling parties to promptly memorialize the terms of the settlement. With the ability to focus on preparing the agreement, FPL and signatory parties will be positioned to submit the settlement for review by the commission's staff and any non-settling parties by August 20, 2025."
But state Public Counsel Walt Trierweiler said in a filing that his office and four other parties object to a continuance and "will continue to prepare for the hearing."
The commission is expected to decide how to proceed Monday.
FPL early this year filed a proposal for rate increases of $1.545 billion in 2026 and $927 million in 2027. Also, FPL would pass along costs to customers in 2028 and 2029 for solar-energy and battery-storage projects.
Base rates make up a major part of customers' monthly bills, along with costs such as power-plant fuel. Base-rate cases play out over months at the Public Service Commission and involve voluminous amounts of financial and other data.
The multi-day hearing scheduled to start Monday would include expert testimony and lead to a decision this fall by the commission about whether to approve the FPL proposal or scale it back. If a settlement is ultimately finalized, the commission would hold a hearing on it and decide whether to sign off.
Along with FPL, other parties involved in the potential settlement are the Florida Industrial Power Users Group; the Florida Retail Federation; the Florida Energy for Innovation Association; Walmart, Inc.; EVgo Services LLC; Americans for Affordable Clean Energy; Circle K Stores, Inc., RaceTrac, Inc.; Wawa, Inc.' Electrify America LLC; federal government agencies; Armstrong World Industries, Inc. and the Southern Alliance for Clean Energy, according to FPL's filing.
FPL President and CEO Armando Pimentel said in a prepared statement that a "settlement would provide a win for our customers and the state of Florida. We appreciate the constructive engagement of key intervenors. Any agreement that we reach should enable FPL to continue to make smart investments on behalf of our customers, ensuring that we can continue to provide reliable electricity to power our fast-growing state while keeping customer bills low."
But the Office of Public Counsel has been joined in its objections by the groups Florida Rising, the Environmental Confederation of Southwest Florida, the League of United Latin American Citizens and Floridians Against Increased Rates.
Settlements in base-rate cases are relatively common. FPL is operating under a four-year settlement that will expire at the end of 2025. As another example, the commission last year approved a base-rate settlement for Duke Energy Florida. In contrast, the commission held a contested hearing before approving rates for Tampa Electric Co.
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