JUNO BEACH, Florida – Florida Power & Light Company’s proposed rate settlement agreement would keep residential customer bills in Northwest Florida roughly flat for the next two years and result in an average annual increase of just 1% through 2029. The new bill impact is lower than FPL’s original estimate in August when the settlement was filed.

Background: The proposed settlement agreement, developed jointly with a broad coalition of customer groups, would enable FPL to help build a more resilient grid for reliable service in a fast-growing state. The plan supports:

• Lowest cost power generation to reliably meet Florida’s growing energy needs. FPL is expected to add 335,000 new customers by the end of the decade. New power generation and battery storage will help efficiently and cost-effectively deliver power when and where it’s needed.
• Replacing aging infrastructure, adding innovative tech. FPL’s service is 59% more reliable than the national average, but Florida’s energy infrastructure is consistently pummeled by severe weather, including hurricanes. The settlement agreement will enable FPL to continue providing some of the most reliable service in America through investments to replace aging infrastructure and add more innovative technology like smart grid, which helped FPL customers avoid 2.7 million outages in 2024.
• Keeping bills as low as possible. FPL continuously uses the latest technology to improve efficiency and relentlessly drive down costs. In fact, FPL has by far the lowest non-fuel operating and maintenance costs in the nation among peer utilities, which helps save the typical residential customer $24 per month as compared to an average performing utility. In addition to rate stability and predictability for the next four years, the proposed agreement will enable FPL to continue making smart investments that improve efficiency and save customers money over the long term.

The details: Florida Public Service Commission (PSC) hearings are scheduled to begin Oct. 6 on the agreement between FPL and key stakeholders to set rates for 2026 through 2029. Under the plan, a typical 1,000-kWh residential customer bill would hold relatively stable through 2027 and remain well below the projected national average through the end of the decade.

A word from FPL President and CEO Armando Pimentel: “Now that we have a clearer picture of fuel and other costs, the proposed settlement agreement looks even better for residential customers. We reached this settlement after listening to our customers over the last several months and compromising on some issues without compromising on our core principles of delivering reliable service while keeping bills as low as possible. We look forward to the Florida Public Service Commission’s review of this plan.”

Customer impact: Even when the increase is fully phased in, FPL projects its bills would remain well below the projected national average and the lowest among rate-regulated Florida utilities through 2029. Residential customers would receive the lowest increase of all types of customers.

Affordability context: The proposal amounts to an approximately 1% average annual increase for typical residential bills in Northwest Florida from 2025 through the end of the decade. For perspective, that’s below the current inflation rate and far below the double-digit increases we have seen recently in other essential items like housing, property insurance and groceries. The agreement reflects input from a broad range of stakeholders, including customer advocates, and includes provisions to support those most impacted by rising costs. It also provides more funding for eligible customers who may be struggling and need help paying their bills.

Next steps: The PSC has set aside two weeks for hearings, beginning Oct. 6, to thoroughly review the settlement agreement and full proposal, along with other information pending before the PSC, before voting on new rates. If approved, new rates would take effect Jan. 1, 2026.

Additional resources:

• FPL.com/Answers - Access bill calculator to customize bill estimates based on how much electricity you use each month.
• FPL.com/Newsroom – Access digital library of images and B-roll showing FPL power generation, smart grid technology and storm response.
• FPL 24/hour media line: 561-694-4442 or Media.Relations@FPL.com