The Florida Public Service Commission put a temporary halt to Florida Power & Light’s deal to buy the Vero Beach municipal utility Wednesday.
After receiving four challenges to its June 5 ruling, the PSC swiftly declared the order "null and void" and scheduled a hearing into the matter on Oct. 10-11.
The regulators had voted 3-2 to allow FPL to charge customers to recover the $185 million cost of buying the Vero Beach municipal utility -- including $116.2 million over the book value of the property.
Four groups challenged it for various reasons and so the PSC put the brakes on it.
"The Civic Association of Indian River County, Inc. filed its amended petition on July 20, 2018, and the Florida Industrial Power Users Group, Mr. Michael Moran, and Mr. Bill Heady filed petitions on July 23, 2018,'' the PSC wrote on Wednesday. "Accordingly, our PAA [proposed agency action] order is null and void and a de novo hearing is set for October 10-11, 2018, to consider the petitions."
Here’s our story on the ruling.