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FPL completes $185M acquisition of Vero Beach, Fla., utility

Florida Power & Light Co. has closed the $185 million purchase of the city of Vero Beach, Fla.'s municipal utility assets after going through a year of regulatory approvals.

The purchase includes $36.6 million directly paid to Vero Beach for infrastructure, $20.4 million toward electric utility bonds, and $108 million and $20 million to terminate Vero Beach's respective agreements with the Florida Municipal Power Agency, or FMPA, and the Orlando Utilities Commission.

The acquisition adds 35,000 existing customers in Vero Beach, a portion of the town of Indian River Shores, Fla., and portions of Indian River County to FPL's roster. The NextEra Energy Inc. subsidiary will charge its ratepayers $114 million for what is formally known as a positive acquisition adjustment, as approved by the Florida Public Service Commission.

Vero Beach residents have been trying to move to FPL for years and passed two referendums to authorize a deal.

The Vero Beach City Council approved FPL's deal in October 2017, and Federal Energy Regulatory Commission signed off on it in January 2018. The state regulators first authorized the deal in June and then reapproved it after the utility readjusted the deal premium. FMPA consented to the acquisition in March.