FPL reaches agreement in principle with key stakeholders that would keep customer bills well below national average

FPL reaches agreement in principle with key stakeholders that would keep customer bills well below national average

JUNO BEACH, Fla., Aug. 8, 2025 /PRNewswire/ -- Florida Power & Light Company and key stakeholder groups have reached an agreement in principle on a comprehensive four-year rate settlement that would keep customer bills well below the national average through the end of the decade.

FPL and multiple intervenors filed a joint motion today asking the Florida Public Service Commission (PSC) to suspend technical hearings on FPL's original rates petition so that a settlement agreement can be finalized and filed with the PSC. The parties plan to work to finalize and file the agreement by Aug. 20.

A word from FPL President and CEO Armando Pimentel: "We are pleased to have reached an agreement in principle with key stakeholders. 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."

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: FPL and the supporting parties will appear before the PSC Monday to ask commissioners to suspend the technical hearing to allow the parties to finalize the agreement. If the PSC accepts the motion, a new hearing date will be set to review the finalized agreement. Any new PSC-approved 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.

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SOURCE Florida Power & Light Company