Florida Power & Light Company (FPL) has received approval from the Florida Public Service Commission (PSC) for a four-year rate agreement covering 2026 through 2029. The decision allows FPL to continue investing in its electric grid while keeping customer bills below the national average.
The agreement was developed with input from various customer groups. Under the new rates, most residential customers using 1,000 kilowatt-hours per month will see their monthly bill increase by $2.50 in 2026, rising from $134.14 to $136.64. In Northwest Florida, the typical bill will decrease slightly from $143.60 to $141.36 next year.
FPL President and CEO Armando Pimentel said, “We appreciate the Florida Public Service Commission’s thorough review of our rate plan. Today’s vote enables FPL to continue to deliver some of America’s most reliable electric service and meet the needs of our fast-growing state—and we project will keep customer bills well below the national average through the end of the decade. As we begin our second century of serving Florida, approval of this plan is a win for our customers and a win for the entire state.”
According to FPL, when adjusted for inflation, a typical residential bill in 2026 will be about 20% lower than it was two decades ago. The company expects its rates to remain below national averages through at least 2029.
The approved settlement supports infrastructure expansion as FPL anticipates adding approximately 335,000 new customers by decade’s end. The agreement provides funding for additional power generation and battery storage projects intended to maintain reliable and affordable electricity service.
FPL reports that its reliability performance is currently 59% better than the national average but notes that continued investment is necessary to sustain this level of service. The new agreement allows ongoing spending on smart grid technology and other initiatives designed to reduce outages and improve restoration times.
The process leading up to PSC approval included an extensive review period lasting about eleven months. FPL submitted over 70,000 pages of documentation and responded to more than 2,000 questions from commission staff and intervening parties. Ten public hearings were held across Florida with participation from over 400 customers.
New rates are scheduled to take effect January 1.
Florida Power & Light Company serves more than six million customer accounts—about twelve million people—across Florida and operates one of the country’s largest power generation fleets using nuclear, natural gas, solar energy, and battery storage technologies.
NextEra Energy Inc., based in Juno Beach, owns FPL as well as NextEra Energy Resources LLC.
