August 22, 2005
Florida Power & Light Company signs Stipulation and Settlement with the Florida Office of the Attorney General, Office of Public Counsel and other interested parties

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Stipulation and Settlement (51k PDF)

Florida Power & Light Company, the principal subsidiary of FPL Group, Inc., today announced that it has signed a Stipulation and Settlement with all interveners in its rate case filing, subject to the approval of the Florida Public Service Commission (FPSC).

Florida Power & Light Company President Armando Olivera issued the following statement in connection with the Stipulation and Settlement: “For the last several days, we have engaged in negotiations with the Office of the Attorney General, the Office of the Public Counsel and other interested parties regarding our base rate request before the Public Service Commission, and we have reached an agreement which we believe represents a reasonable compromise on the issues raised. As we have said in the past, there is never a good time to ask for a rate increase. However, we need to be able to respond to the tremendous growth our company is experiencing and our need to spend billions of dollars to maintain reliable electric service to our current and future customers. At the same time, the interested parties have raised a number of other issues. The proposed agreement will resolve all the outstanding issues and still enable us to maintain high quality service for our customers and meet the continued growth within our service territory. Achieving these objectives will pose some challenges to our company; however, we are committed to meeting these challenges. Therefore, we join the Attorney General, Public Counsel and other interested parties in asking the PSC to approve the stipulation.”

The complete Stipulation & Settlement has been filed with the FPSC and as an Exhibit to a Form 8-K with the Securities and Exchange Commission by FPL Group & Florida Power & Light Company.