Electricity will cost you more: New FPL rates will take effect in Florida

Electricity is going to be a bit more expensive starting in April in Florida, due to rate increases from FPL, the company that provides electric service in the state, taking effect.

Under the change approved by the Florida Public Utility Commission (FSC), the increase would be 10% for the typical residential 1,000 kWh FPL bill and 8% for Northwest residents.

That would be the rates for much of the state of Florida, according to FPL.

For residents of Northwest Florida, here’s what the rates would look like:

Prior to the April increase, the average bill in the state had already increased by about $5 in January and $4 in February.

THERE COULD BE RELIEF IN MAY

While bills will rise in April, FPL also offered to lower bills in May to reflect the $379 million in savings that would be realized due to gasoline price projections.

The FSC has not yet approved this proposal.

WHY IS FPL CHANGING PRICES?

The rate change is intended to cover costs associated with hurricanes that hit the state in 2022 and volatile gas prices last year, the company said.

The company explains that under PSC rules, FPL and other utilities are responsible for restoring power and paying bills in advance after a hurricane hits.

“Utilities then recover their restoration costs through a surcharge on customer bills, subject to PSC review and approval of expenses incurred. In this case, FPL seeks recovery of $1.3 billion for restoration costs from Hurricanes Ian and Nicole.

FPL also aims to raise more than $2 billion due to high natural gas prices in 2022.