Frequently Asked Questions
- How are electric rates set?
- As a regulated company we are required to go through a formal process with the Florida Public Service Commission any time we propose a change in our rates. The role of the PSC is to ensure fair and reasonable rates for customers as well as a reasonable rate of return for utilities. This is quite different from most other companies, such as your local grocery store or gas station, that can change prices any time they like. Our electric rates were set to expire in 2013 and that is why we asked the PSC to review and approve our updated rates.
- How do customers benefit from FPL's improvements in efficiency?
- When we cut operating costs or when we save on fuel costs by investing in more efficient power plants, our customers save too. In fact, every penny that FPL saves on fuel to generate power is a penny our customers don't have to pay.
- How much is FPL investing in the infrastructure?
- Over the three years from 2011 through 2013, FPL plans to invest approximately $9 billion to strengthen and improve Florida's electric generation and delivery system to maintain our strong reliability while helping keep customer bills low over the long term through the use of fuel-efficient generation technologies.
- What does the $9 billion in investments include?
- We're investing in a variety of improvements to an electric grid that spans 27,000 square miles – ranging from the modernization of older power plants to new facilities that generate power using far less fuel to the installation of advanced technology that helps speed restoration time and even prevent some outages from impacting customers. The $9 billion in investments includes the modernization of our Cape Canaveral and Riviera Beach plants, the expansion and enhancement of our existing nuclear plants, the deployment of advanced smart grid technology throughout the grid, strengthening of infrastructure to improve its resiliency during storms and other improvements that benefit customers.
- Why does FPL need to build more power plants?
- Our focus is on modernizing older plants to make them more reliable, cleaner and more efficient, saving our customers money and contributing to our ability to provide customers with the lowest bill in the state. For example, our new Cape Canaveral Next Generation Energy Center will use high-efficiency, combined-cycle natural gas technology to generate power with 33 percent less fuel per megawatt-hour and far fewer emissions than the former plant so that the plant effectively pays for itself primarily due to fuel savings estimated at more than $1 billion over its 30-year life.
- How will customers benefit from increasing the return FPL is allowed to earn on its investments?
- If FPL is financially healthy, we can borrow money at better rates and reduce the cost of investing billions to improve the infrastructure on behalf of customers, keeping costs lower for the long term.