FPL requests $1.7B base revenue increase, additional solar investment recovery

Florida Power & Light Co. filed a four-year base rate case with the Florida Public Service Commission on March 12 that would result in an annual revenue increase of approximately $1.7 billion.

Subject to PSC approval, the NextEra Energy Inc. utility is seeking a revenue increase of about $1.1 billion in 2022 and about $607 million in 2023.

The filing includes a solar base rate adjustment mechanism in 2024 and 2025 to recover 894 MW of solar additions. If the solar base rate adjustment is approved in its entirety, FPL preliminarily estimated it would result in rate increases of $140 million in 2024 and $140 million in 2025, partially offset by a reduction in fuel costs on the clause portion of customer bills.

FPL said the rate increases will help it continue grid reliability and resilience programs, including smart grid technology deployment, rebuilding a 500-kV electric transmission line and the North Florida Resiliency Connection, a transmission line that physically connects its energy grid to northwestern Florida.

The company also plans to continue adding solar energy to its energy mix under the "30-by-30" plan to install 30 million solar panels in Florida by 2030 and to build what it describes as the world's largest integrated solar-powered battery project.

From 2018 to 2025, FPL anticipates an addition of about 500,000 new customers in its service areas, the utility said in a news release.

For a typical residential customer using 1,000 kWh a month, FPL estimated the new rate plan will add $10.50 in 2022, $4 in 2023, $2 in 2024 and $1.50 in 2025 to monthly bills.