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A 'Big Win’ For FPL, A ‘Big Loss’ For Customers: Regulators Uphold Utility’s Use Of Tax Savings

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Maria Lorenzino
/
Sun Sentinel
Florida Power and Light employees monitor Hurricane Matthew at the FPL Command Center in Riviera Beach.

Florida Power & Light Co. customers won’t be getting a $772 million annual tax refund, a state regulatory commission decided Tuesday.

FPL will get to hold onto tax refund money that the utility says it applied toward storm recovery, and as a result didn’t seek a storm surcharge for 2017′s Hurricane Irma.

The Florida Public Service Commission, which regulates electric utilities, ruled that the tax savings can be used to replenish a company account that was tapped to pay for Hurricane Irma costs. Commissioners agreed that the rates being earned by Juno Beach-based FPL are “just and reasonable” and don’t need to be reviewed by the commission as result of a federal tax windfall.

FPL customers lose out, according to the Florida Office of Public Counsel, the state’s watchdog.

Read more at the South Florida Sun Sentinel