Florida Power & Light Company (FPL) has received approval from the Florida Public Service Commission (PSC) for a four-year rate agreement covering 2026 through 2029. The agreement, developed with input from various customer groups, will allow FPL to continue investing in its electricity grid while maintaining customer bills below the national average.
For most of Florida, a typical residential customer using 1,000 kilowatt-hours per month will see their bill increase by $2.50 in 2026, rising from $134.14 to $136.64. In Northwest Florida, the typical bill is expected to remain steady or decrease slightly, moving from $143.60 to $141.36.
Armando Pimentel, president and CEO of FPL, said: “We appreciate the Florida Public Service Commission’s thorough review of our rate plan. Today’s vote enables FPL to continue to deliver some of America’s most reliable electric service and meet the needs of our fast-growing state—and we project will keep customer bills well below the national average through the end of the decade. As we begin our second century of serving Florida, approval of this plan is a win for our customers and a win for the entire state.”
The settlement highlights include keeping bills about 20% lower in 2026 than they were two decades ago when adjusted for inflation. FPL expects to add 335,000 new customers by 2029 and plans to use funds from the agreement to expand power generation and battery storage capacity as part of efforts to maintain reliable service.
FPL reports that its reliability is currently 59% better than the national average due to ongoing investments in smart grid technology and other infrastructure improvements designed to restore power quickly and prevent outages.
The process leading up to this decision involved an extensive review over 11 months. FPL submitted more than 70,000 pages of documentation and responded to over 2,000 inquiries from PSC staff and other parties involved in the proceedings. The company also participated in public hearings across Florida where more than 400 customers provided feedback.
New rates are set to take effect on January 1.
FPL serves over six million customer accounts—approximately twelve million people—across Florida. It operates one of the nation’s most efficient power generation fleets by using nuclear, natural gas, solar energy, and battery storage technologies.
The company notes that forward-looking statements made regarding future operations are subject to risks and uncertainties detailed in its filings with the Securities and Exchange Commission.
