FPL and the City have signed an agreement that is beneficial for everyone involved

The sale of the City of Vero Beach electric utility to Florida Power & Light Company has been approved by voters, regulators and the City Council. The offer allows you, the residents of Vero Beach, to enjoy electric bills that are among the lowest in the state and nation, along with outstanding reliability and clean energy investments.

The nearly $185 million agreement includes:

  • Estimated cost for the City to exit all Florida Municipal Power Agency (FMPA) obligations: $108 million
  • Estimated cost to exit the City's wholesale power agreement with Orlando Utilities Commission: $20 million
  • Estimated cost to pay off the City's electric utility bonds: $20 million
  • Cash payment to the City: $36.6 million
  • FPL will build a new substation to serve the City's customers and dismantle the City's existing substation at our cost
  • FPL will offer employment to all qualified Vero Beach electric system employees