JUNO BEACH, Fla. — The Florida Public Service Commission (PSC) today approved a four-year rate agreement that enables Florida Power & Light Company to continue to make the smart, necessary investments in the grid to power Florida's growth—while keeping customer bills well below the national average.
The agreement, developed in collaboration with a broad coalition of customer groups, sets rates for 2026 through 2029.
For 2026, FPL's typical 1,000-kWh residential customer bill in most of Florida will increase by $2.50 a month, or about 2%, from the current $134.14 to $136.64. In Northwest Florida, the typical residential customer bill will remain relatively flat, going from the current $143.60 to $141.36 in 2026.
A word from FPL President and CEO Armando Pimentel: "We appreciate the Florida Public Service Commission's thorough review of our rate plan. Today's vote enables FPL to continue to deliver some of America's most reliable electric service and meet the needs of our fast-growing state—and we project will keep customer bills well below the national average through the end of the decade. As we begin our second century of serving Florida, approval of this plan is a win for our customers and a win for the entire state."
Highlights of the approved settlement:
- Keeping bills low: The typical 1,000-kWh residential customer bill in 2026 will be about 20% lower than it was 20 years earlier when adjusted for inflation. FPL bills have been well below the national average for more than a decade and are projected to remain so through 2029.
- Serving a growing state: With FPL expecting to add 335,000 new customers by the end of the decade, the approved agreement enables FPL to build the new power generation and battery storage needed to continue providing reliable, low-cost electricity.
- Delivering reliable service: FPL's reliability is already 59% better than the national average, but reliability requires consistent investment. The agreement enables continued investments in smart grid technology and other measures to help automatically restore and prevent customer outages.
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. In August, FPL reached a four-year agreement with a broad coalition of customer groups on a revised rate plan and presented it to the PSC.
Thorough review: The rate-setting process took about 11 months. FPL submitted more than 70,000 pages of testimony, exhibits and discovery materials and answered more than 2,000 inquiries from PSC staff and intervening parties. FPL took part in 10 public hearings around the state in May and June, with more than 400 customers weighing in. FPL witnesses participated in 37 depositions and nine days of technical hearings in October.
What's next: New rates take effect Jan. 1.
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