Rate Increase for FPL? Let’s Listen to the “Profits”
August 31, 2009 by admin
Filed under Issues, Uncategorized
- FPL rate hike? Just say NO!
Florida Power and Light is asking the Florida Public Service Commission (PSC) to approve a 30% increase in the base rate it charges customers. It is projected that the increase will generate an extra $1.3 billion a year in revenue for the utility giant. FPL says they need the money for future expansion – in order to continue to provide affordable service to its customers.
It is understandable and reasonable that FPL wants to plan for future growth. It should - but not at the expense of its customers.
Despite the deep economic crisis and the first time our state has seen a drop in population since World War II, FPL Group, the parent company of Florida Power & Light, increased net profits 60% in the first six months of 2009, from $458 million in the 2008 period, to $734 million. Couple this increase with $1.2 billion dollars accumulated from depreciation (as reported by the Miami Herald), and it is hard to imagine FPL needs any increase in rates.
FPL has powerful lobbyists on its side. Hopefully, we (the customers) have the PSC on ours. FPL’s bottom line profits should be enough to show a 30% rate increase is not necessary at this time, especially in the midst of the current economic crisis.
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We are currently a customer of Progress Energy. We have already received an approximate 30% increase ALREADY since January of 2009. Is this projected 30% IN ADDITION TO the already HUGE increase we’ve had this year? VERY upsetting!
Hi Jennifer. Thank you for your feedback.
The rate hike sought by FPL only applies to FPL customers. Progress Energy is a separate stand-alone utility company. You will not be directly effected by FPL’s request.
Still, it is a shame your rates with Progress have already gone up 30% this year. That would put a strain on anyone’s household budget! Hang in there!