Florida Power & Light Company (FPL) has submitted a four-year rate plan (2026-2029) to the Florida Public Service Commission (PSC) as its current agreement ends in 2025. The proposal aims to maintain high reliability, customer service, and low bills while investing in grid improvements and renewable energy.

FPL President and CEO Armando Pimentel emphasized the plan’s focus on smart investments to support Florida’s growing energy demand. Despite the proposed rate adjustments, residential bills are projected to remain below the national average. For example, in January 2026, a 1,000-kWh residential bill would be about 20% lower (inflation-adjusted) than in 2006.

Projected residential bills in Peninsular Florida will increase from $134.14 currently to $151.99 by 2029, while Northwest Florida's rates, currently at $143.60, will align with Peninsular rates by 2027. Small- and medium-sized businesses will see annual increases of 1% to 5%, with commercial and industrial customers encouraged to contact FPL for more details.

The plan prioritizes reliability by continuing investments in grid technology, reducing outages, and improving restoration efforts, particularly during storms. It aims to diversify energy sources by expanding solar and battery storage while maintaining natural gas and nuclear power to minimize fuel cost volatility. Cost efficiency remains a focus, with modernized power plants saving $16 billion in fuel costs and FPL’s operations and maintenance costs being the lowest among peer utilities. Infrastructure expansion is also necessary, with 275,000 new customers added since 2021 and 335,000 more expected by 2029.

Inflation has significantly increased costs since FPL’s last rate adjustment in 2021, with labor rising by 16%, wires and cables by 30%, utility poles by 49%, and transformers by 101%. The PSC will conduct a public review process, including hearings, before making a final decision.

FPL, the largest electric utility in the U.S., serves over 12 million people and has received multiple awards for reliability and customer trust. It is a subsidiary of NextEra Energy, which also leads in renewable energy generation.