The Florida Public Service Commission has approved an $811 million settlement agreement in FPL’s rate case. FPL initially requested a $1.337 billion increase over a four-year period. The approved settlement allows FPL to implement “Solar Base Rate Adjustments” for up to 300 MW of solar annually during the four-year period, subject to a cost cap of $1,750/kW AC.
FPL also will implement a 50-MW battery storage pilot program designed to enhance service for large commercial customers, small retail customers and large retail customers, or to enhance operations of existing or planned solar facilities, subject to an cost cap of an average of $2,300/kW AC. FPL will pursue cost-recovery for the storage pilot in its next general rate case.
FPL is the third-largest electric utility in the United States, serving 4.8 million retail customers.