FPL gets a fraction of its rate increase request
In a 518-page opus, the staff of the Public Service Commission today recommended that Florida Power & Light be allowed to raise $357.2 million, about $1 billion less than the $1.3 billion in revenue it is seeking through a base rate increase.
The long-awaited recommendation rejects the company's request for an additional, phased-in rate increase, but gives commissioners the option to allow for another $310 million in 2011, when the company is scheduled to start up two new generation plants that are expected to reduce customer fuel bills, potentially offsetting some of the increase in the base rates.
The staff proposal will be one of the factors the Public Service Commission takes into consideration when it votes on the rate case, scheduled for Jan. 13. It will be a crucial test for the revamped PSC, a five-member board with two new members appointed by Gov. Charlie Crist in an effort to give the panel a "fresh face."
Check here for updates as we wade through the lengthy report.