Florida regulators have approved a four-year rate agreement for Florida Power & Light Company (FPL), allowing the utility to continue investing in its network to support the state’s growth while keeping customer bills below the national average.
The agreement, developed with a broad coalition of customer groups, sets FPL’s rates from 2026 through 2029. For most residential customers using 1,000 kWh per month, bills will increase by $2.50 in 2026—about a 2% rise from $134.14 to $136.64. In northwest Florida, typical bills are expected to decrease slightly from $143.60 to $141.36 in 2026.
FPL President and CEO Armando Pimentel said: “We appreciate the thorough review of our rate plan by the Florida Public Service Commission. Today’s vote allows FPL to continue providing one of America’s most reliable electric services and meet the needs of our rapidly growing state, and we project it will keep customer bills well below the national average through the end of the decade. As we begin our second century serving Florida, approval of this plan is a win for our customers and for the entire state.”
Key points of the approved agreement include:
– The typical 1,000 kWh bill in 2026 will be about 20% lower than it was two decades ago when adjusted for inflation.
– FPL has kept its rates below the national average for over ten years and expects this trend to continue through at least 2029.
– The company anticipates adding around 335,000 new customers by decade’s end.
– The agreement supports building new power generation and battery storage facilities to maintain reliable and affordable electricity supply.
– FPL’s service reliability is currently reported as being 59% better than the national average but requires ongoing investment in smart grid technology and other measures aimed at automatically restoring or preventing outages.
The current FPL rate agreement ends this year. On February 28th, FPL filed a petition with the Public Service Commission (PSC) proposing new rates for 2026–2029; an accord was reached with various customer groups in August and submitted for PSC consideration.
Over approximately eleven months, more than 70,000 pages of testimony and discovery materials were provided during an extensive review process that included responses to over 2,000 questions from stakeholders and participation in ten public hearings where more than four hundred customers shared their views.
The newly approved rates take effect on January 1st.
