Florida Power & Light, along with several groups representing business interests, have proposed settling the utility’s historic rate case, which would bring an end to a battle that affects the electric bills of roughly 12 million Floridians.
In a filing posted late Friday afternoon, Florida Power & Light notified regulators that it has reached an agreement with several of the groups involved in its rate case. The list of those groups included many business interests — such as a federation of retail companies, Walmart, gas stations and industrial companies — but did not include the state-appointed consumer advocate or other groups that represent residents.
If approved by regulators, the filing would allow Florida Power & Light to suspend the progress of the case, which was scheduled to begin two weeks of continuous public hearings Monday.
Those hearings can lead to internal company documents becoming part of the public record and company executives having to answer hours of questions on the witness stand.
Instead, members of the Florida Public Service Commission will likely convene Monday afternoon to first decide whether to grant the utility’s request to pause the case while a settlement is hammered out. That could shift much of the discussion behind closed doors, as settlement negotiations are confidential. However, the groups opposing the settlement will request the more thorough public proceedings still be held.
In a news release, Florida Power & Light president Armando Pimentel celebrated the news, saying a settlement would be “a win for our customers.”
“Any agreement that we reach should enable FPL to continue to make smart investments on behalf of our customers, ensuring that we can continue to provide reliable electricity to power our fast-growing state while keeping customer bills low,” his statement read.
Florida Power & Light’s nearly $10 billion rate hike request is considered the largest in American history. The company has also been seeking a rate of shareholder profit that, if approved as-is, would be the highest in the nation, independent researchers have confirmed to the Tampa Bay Times.
Groups representing mostly residential customers, including the state-appointed public counsel, opposed the motion to halt the case in favor of a settlement.
In a letter also filed Friday, they told regulators they would submit a more full-throated opposition Monday, but in the meantime were still preparing for the scheduled public hearings. Public Counsel Walt Trierweiler has previously railed against the company’s request for an unusual mechanism that he said would allow customers to be double-charged in order to jack up shareholder profits.
“Having a public hearing is a public good,” said Bradley Marshall, a lawyer who represents three consumer and environmental groups in the rate case.
He noted that about 93% of Florida Power & Light’s customers are residents, yet the proponents of this settlement would largely be corporations.
“It’s a small but well-represented minority of FPL’s customers,” Marshall said.
In response to a question about the hearings, Florida Power & Light spokesperson Andrew Sutton said if a settlement is reached, there would still be public discussion about its contents.
“The settlement agreement will be presented to the (Public Service Commission) for its review and approval, continuing what has been an extensive public process,” he said.
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