State regulators grant time for FPL and key stakeholders to finalize settlement that keeps customer bills well below national average

JUNO BEACH, Fla., Aug. 11, 2025 /PRNewswire/ -- State regulators unanimously agreed today to give Florida Power & Light Company and key stakeholder groups time to finalize a comprehensive four-year rate settlement that would keep customer bills well below the national average through the end of the decade.

FPL and 10 supporting groups announced on Friday that they reached an agreement in principle. Today's vote enables the parties to finalize and file the settlement agreement with the Florida Public Service Commission (PSC) by Aug. 20.

The PSC granted the request by FPL and the supporting parties to delay technical hearings that were scheduled to begin today on FPL's original rates petition for 2026-2029.

A word from FPL President and CEO Armando Pimentel: "Today's decision enables us to finalize a settlement with key stakeholders that will benefit our customers and the state of Florida. We are pleased to have reached an agreement and appreciate the Commission's actions today to ensure a fair and open process for our customers and stakeholders. We are confident that the agreement we reach should enable FPL to continue to make smart investments on behalf of our customers, ensuring we can continue to provide reliable electricity while keeping customer bills low."

Participants: The agreement in principle is supported by the Florida Retail Federation, Florida Industrial Power Users Group, Florida Energy for Innovation Association, Walmart, the Southern Alliance for Clean Energy, EVgo Services, Fuel Retailers, Electrify America, the Federal Executive Agencies and Armstrong World Industries.

How we got here: With FPL's current four-year rate agreement set to conclude at the end of this year, FPL on Feb. 28 submitted a petition to the PSC to set new rates for 2026 through 2029. That kicked off an extensive public review process in which FPL submitted thousands of pages of witness testimony and documents in support of its proposal. FPL responded to more than 3,000 interrogatories and requests for documents from 13 intervening parties and FPL witnesses participated in more than 30 depositions. The PSC conducted 10 public hearings across the state in May and June in which hundreds of customers weighed in on FPL's proposal.

What's next: Once FPL and the supporting parties submit a finalized rate settlement agreement, the PSC will set a schedule to review the entire case. FPL has proposed that new rates would take effect Jan. 1, 2026.

About Florida Power & Light Company 
Florida Power & Light Company is America's largest electric utility, delivering reliable power to more than 6 million customer accounts — serving approximately 12 million people across Florida. By leveraging a diverse energy mix, including nuclear, natural gas, solar and battery storage, FPL operates one of the most fuel- and cost-efficient power generation fleets in the U.S. and has earned the ReliabilityOne^® National Reliability Award for seven of the last ten years. FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), which is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. NextEra Energy is also the parent company of NextEra Energy Resources, LLC, which, together with its affiliated entities, is advancing America's energy future with one of the largest and most diverse portfolios of power generation and infrastructure solutions. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

SOURCE Florida Power & Light Company