Juno Beach, FL – Florida Power & Light Company says it has reached an agreement in principle with major stakeholders on a four-year rate settlement aimed at keeping customer bills well below the national average through the end of the decade.
The tentative deal, announced Friday, would replace FPL’s current rate plan, which expires at the end of this year. FPL and multiple intervenors have jointly asked the Florida Public Service Commission (PSC) to pause technical hearings on the company’s original rate proposal while they finalize the settlement, which they plan to file by August 20.
FPL President and CEO Armando Pimentel called the agreement a “win for our customers and the state of Florida,” saying it would allow the utility to continue investing in reliability while keeping rates low for the state’s fast-growing population.
The agreement has backing from groups including the Florida Retail Federation, Florida Industrial Power Users Group, Walmart, the Southern Alliance for Clean Energy, EVgo Services, Electrify America, the Federal Executive Agencies, and others.
FPL’s initial February petition for new rates covering 2026–2029 prompted months of review, with the utility answering more than 3,000 information requests and participating in 10 public hearings. If the PSC approves the settlement later this year, the new rates would take effect January 1, 2026.
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Key Points
- FPL reaches tentative four-year rate settlement with multiple stakeholder groups
- Deal aims to keep customer bills below national average through 2029
- PSC review and approval expected before new rates take effect Jan. 1, 2026
