Progress Energy gets its settlement deal
The scaled-down PSC – bereft of the two commissioners whom the Florida Senate failed to confirm – approved a settlement agreement with Progress Energy that will freeze the company's base rates through 2012.
Progress Energy will be able to increase its cash flow and thereby attract financing for its projects at favorable interest rates.
Customer bills could still go up, because the agreement will not affect fuel costs or other items that could increase customer rates – such as the cost of planning and building nuclear power plants.
Progress Energy lawyer Alexander Glenn said the settlement “will give some needed relief both to the company and our customers’’ and acknowledged the leadership of Attorney General Bill McCollum and the Office of Public Counsel for working out the arrangement.
Charles Rehwinkel, who helped negotiate the agreement for the Office of Public Counsel, said his office “is firmly convinced the settlement is in the best interests of the public.’’