TALLAHASSEE, Fla. (AP) — State regulators have approved a base rate increase for Florida Power & Light Co. that will be implemented over four years.
It's part of a settlement between FPL and large commercial and federal customers that won approval Thursday from the Public Service Commission.
The state's consumer advocate says it's a bad deal for other customers. Public Counsel J.R. Kelly says he's leaning toward appealing the settlement to the Florida Supreme Court.
By the end of four years, it will raise base rates for a typical residential customer nearly $10 per month. Company officials say overall residential bills will increase much less due to reduced fuel charges.
Commercial customers, though, would see their overall rates go down or at least remain flat while FPL stockholders would be allowed higher returns.