“FPL requested recognition for future ratemaking purposes of its investment of $116.2 million above the value of the assets it will acquire, and a majority of the Commission agreed.” 

NEWS RELEASE

Customers who currently are served by the City of Vero Beach’s municipal electric utility may see a 21 percent decrease in their bills after the Florida Public Service Commission (PSC) today decided Florida Power & Light Company (FPL) should serve them.

The Commission directed FPL to charge customers in the added territory the same rates it charges its existing customers, which would result in an approximately $27 decrease on a typical 1,000 kWh monthly residential bill.

The 3-2 Commission decisions would go into effect only if the utilities close on their Asset Purchase and Sale Agreement (PSA) in which FPL would acquire Vero Beach’s electric utility assets and operations.

“Vero Beach customers will see many benefits from this acquisition, including lower rates, access to energy efficiency programs, and increased service reliability,” said Commissioner Gary F. Clark, adding “This Commission has always used the public interest as the measuring stick for its decisions, and today’s decision will have no adverse impact to existing FPL customers.”

The Vero Beach utility has approximately 35,000 residential, commercial, and industrial customers in the City of Vero Beach, a portion of the Town of Indian River Shores, and part of unincorporated Indian River County.  In today’s PSC meeting, several of those consumers and their elected officials asked the Commission to make them FPL customers.

The PSC does not have direct authority over changes in electric utility ownership, but changes in service territories and the rates that are charged require Commission approval.

FPL requested recognition for future ratemaking purposes of its investment of $116.2 million above the value of the assets it will acquire, and a majority of the Commission agreed.

Under the PSA terms, FPL will purchase the Vero Beach utility system for $185 million by December 31, 2018.  FPL serves 4.9 million customer accounts across Florida.