August 15, 2006
FPL issues statement regarding natural gas storage costs; says fuel program serves customers' interests
FPL responds to Attorney General Charles Crist's comments

Juno Beach, FL In response to claims made yesterday by Attorney General and Florida gubernatorial candidate Charles Crist, Florida Power & Light Company (FPL) today issued the following statement regarding its proposal to the Florida Public Service Commission (FPSC) to recover costs associated with a natural gas storage facility.  The FPSC will consider FPL’s request today.

“It is unfortunate that the Attorney General and others would take a position contrary to the interests of our customers.  Good regulatory policy has encouraged activities to ensure a reliable supply of fuel and to avoid price volatility, which this hedging program does.  The regulatory treatment FPL has proposed is consistent with PSC orders and policy, and is clearly not prohibited but within the framework of our current base rate agreement. The hedging program will benefit customers directly, and FPL makes no profit on it.

The regulatory policy which allows for this type of treatment has saved FPL customers hundreds of millions of dollars in fuel costs. The position taken by the Attorney General and others is clearly short-sighted and against the best interests of our customers.”