Florida Power & Light Company
Media Line: 561-694-4442
March 30, 2020
FOR IMMEDIATE RELEASE
Lower fuel costs are enabling FPL to issue a one-time decrease of nearly 25% for the typical residential customer bill, beginning May 1
FPL plans to issue the savings through a one-time bill decrease in order to accelerate savings to customers amid the ongoing COVID-19 pandemic, rather than the standard practice of spreading out savings over the remainder of the year
FPL previously lowered customer bills approximately 4% in January; bills remain among the lowest in Florida and the nation
UNO BEACH, Fla. – Florida Power & Light Company today announced its plan to significantly lower bills for the second time this year and fast-track savings to customers amid the ongoing coronavirus (COVID-19) pandemic. Subject to Florida Public Service Commission approval, beginning May 1, FPL plans to issue a one-time decrease of nearly 25% for the typical residential customer bill as a result of lower fuel costs.
In Florida, FPL and other electric providers traditionally refund any fuel savings to customers over many months. However, given the abrupt financial challenges facing many customers due to COVID-19, FPL will instead request permission to give customers the total annual savings in a single month’s bill. Business customers will also see a significant one-time decrease in May, that will vary by rate class.
“Everyone at FPL understands how critical it is to continue to provide reliable electricity and to keep as much money as possible in our customers’ pockets,” said FPL President and CEO Eric Silagy. “Traditionally, our regulators expect these types of savings to be spread out over the balance of the year. However, challenging times call for exceptional measures. I believe this one-time bill decrease is the most effective way to infuse customers with much-needed money as we all navigate through this difficult and unsettling time together.”
FPL's Typical 1,000-kWh Residential Customer Bill
May 2020 with one-time decrease
Before this proposed decrease, FPL's typical bill was about 30% lower than the U.S. average, according to the latest available data.**
*Preliminary estimate subject to final calculations; FPL May bills also include a Solar Base Rate Adjustment, reflecting four new solar power plants entering service and generating clean, emissions-free energy for customers
**U.S. average ($141.56) is based on Summer 2019 bills from 175 utilities, published by the Edison Electric Institute
FPL’s typical monthly residential customer bill is already among the lowest in the state and nation and decreased nearly 4% in January, primarily due to lower fuel costs as a result of low natural gas prices. FPL has also invested in new, ultra-efficient natural gas power plants, large- scale solar energy facilities and a variety of cutting-edge technologies – all of which helped FPL reduce the amount of fuel it needs to provide electricity. Just like driving a new car instead of one built in the 1970s, FPL’s smart investments in modern technology have helped the company reduce operating and fuel expenses, which is why FPL is now the most cost-efficient electric utility in the United States and one of the nation’s most fuel-efficient and cleanest energy providers.
Responding to COVID-19 pandemic
FPL has had a pandemic plan in place for many years and regularly trains and drills for unplanned events and crises. The company understands the critical role electricity plays in the economy and daily lives of Floridians, and regardless of the circumstances FPL remains steadfastly committed to continuously delivering the reliable and affordable electricity that everyone relies on.
For customers experiencing hardship as a result of COVID-19, FPL has resources available at FPL.com/Help, or the company can connect customers with resources available from federal, state and local authorities. To further assist customers, FPL is also implementing the same policies that it does during crises and has suspended electrical disconnections, is providing payment extensions and is waiving late payment fees for customers in a hardship situation. All of these policies will remain in effect while Florida is under a state of emergency.
Additionally, FPL, its fellow NextEra Energy companies and employees have so far committed nearly $2.75 million in COVID-19 emergency assistance funds that will be distributed directly to those in need and to partner organizations working on the frontlines of the crisis to provide critical support to the most vulnerable members of the community.
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Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL’s typical 1,000-kWh residential customer bill is approximately 30% lower than the latest national average and among the lowest in the U.S. FPL’s service reliability is better than 99.98%, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2019 as one of the most trusted U.S. electric utilities by Escalent for the sixth consecutive year. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune’s 2020 list of “World’s Most Admired Companies.” NextEra Energy is also the parent company of Gulf Power Company, which serves more than 470,000 customers in eight counties throughout northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.