Florida Power & Light Company today asked the Florida Public Service Commission to approve a reduction in rates to customers, effective in early October, due to lower oil and gas prices.

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"After experiencing nearly two years of steadily increasing prices, we are delighted to see a downward trend in fuel costs. We want to pass on the benefit to our customers as soon as possible, rather than waiting until the regularly scheduled adjustment in January," said FPL President Paul Evanson.

Under the proposed early reduction, residential customers that use 1,000 kilowatt-hours a month would see their bills decline by more than 7 percent -- from $87.98 currently to $81.66.

While fuel costs are expected to remain volatile, the company said it hopes the rate reduction will remain in effect from October through at least December 2002.

"Even though fuel costs are declining, they remain well above the prices paid in 1999. For that reason, we continue to encourage all customers to take advantage of sound energy conservation practices to help hold down the impact of fuel prices and weather extremes on their monthly bills," Mr. Evanson said.

FPL said it has asked the PSC to approve the reduction at its September 4 meeting, rather than waiting until the scheduled hearing in November so that customers will see the benefit of declining fuel prices as soon as possible.

FPL's fuel charge to customers is based on actual fuel costs borne by the utility, with no profit added. While the fuel charge has risen beginning in 1999, FPL's non-fuel service rates declined during this period and have remained well below the national average.

Florida Power & Light Company is the principal subsidiary of FPL Group, Inc. , one of the nation's largest providers of electricity-related services with annual revenues of more than $8 billion. The company serves 3.9 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.fpl.com.

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SOURCE: Florida Power & Light Company