Florida Power & Light Co. is planning to reduce electric rates again in 2016 as the company's long-term investments in efficiency, in addition to low fuel prices, continue to generate savings for customers.

FPL filed a request with the Florida Public Service Commission (PSC) to reduce rates, which will save a typical 1,000-kWh residential customer about $2.50 a month on average in 2016 compared with current rates. Businesses will also see lower rates, with anticipated savings in the range of about 2 to 6 percent for typical business customers, depending on rate class and type of service.

"We're looking forward to delivering another rate decrease to our customers," said Eric Silagy, president and CEO of FPL. "Our previous investments in smart technology and relentless focus on productivity are paying off for our customers. While many every day products and services have gone up in price, FPL rates have actually decreased. In fact, our typical bill in 2016 will be more than 10 percent lower than it was 10 years ago."

Today, FPL's typical residential customer pays about 30 percent less for electricity than the national average. The company's 1,000-kWh residential bill is also the lowest among reporting utilities in Florida.

FPL customers are benefiting from the company's strategic decision to phase out older power plants and invest in advanced clean-energy centers that use less fuel to generate electricity. For example, the effectiveness of the company's investments since 2001 in high-efficiency natural gas energy alone have produced more than $7.5 billion in fuel savings for customers. These efficiency savings are in addition to savings from low market prices for natural gas in recent years.

"Our goal is simple: Provide excellent service and value today while preparing for the energy needs and challenges of tomorrow. Our focus is on being the best in the industry by delivering power that is far cleaner and more reliable than the average utility, while keeping our customers' electric bills affordable today and for years to come," Silagy added.

Rate estimates released today reflect FPL's projections for 2016 for the cost of fuel to generate power and other components of a customer's electric bill. The PSC reviews FPL's cost projections as part of its annual regulatory process later this fall. With PSC approval, lower rates will take effect beginning in January 2016.

The estimated savings of about $2.50 per month for a typical customer is based on the average projected bill during 2016 compared with current rates for a 1,000-kWh/month residential customer. FPL residential customers can estimate their individual monthly savings by inputting their own monthly usage into FPL's online calculator at FPL.com/lowerbills.

FPL's Typical 1,000-kWh Residential Customer Bill

2006
Bill

Current
Bill

2016 Bill
Estimate

Average Monthly Savings
in 2016 vs. Current Bill

2006 vs. 2016

$108.61

$96.72

$94.18

$96.72 to $94.18 = $2.54 lower

Savings of about
$2.50/month

$108.61 to $94.18 = 13.3% lower

Down More Than 10%
vs. 10 Years Ago

Notes: "2006 Bill" reflects actual rates in effect in 2006. "Current Bill" reflects approved rates effective Sept. 1, 2015. "2016 Bill" estimate reflects FPL's current projections for base, fuel, capacity, environmental and conservation rates and the current storm charge rate. The typical bill is currently projected to be approximately $93.24 from January through May 2016 and approximately $94.86 from June through December 2016 – for an average over 12 months of approximately $94.18. Rates for June-December 2016 include the projected costs and fuel savings of the FPL Port Everglades Clean Energy Center, which is on track to begin powering customers in June 2016. All bill totals include the state's standard gross receipts tax but do not include any local taxes or fees that vary by community. All rates are subject to change and must be approved by the PSC.

FPL's advanced energy-efficiency tools can help customers save even more
FPL's Online Home Energy Survey can help customers lower bills with personalized savings plans filled with energy-saving tips and recommendations. The survey is integrated with a customer's individual FPL Energy Dashboard – which is updated automatically with hourly, daily and monthly energy usage data, monthly bill amounts, local temperature reading and more – so tracking and managing energy costs is easier than ever.