FPL is bleeding its customers dry to protect its massive profits. After already increasing rates this past year by more than $1 billion—raising customer bills by roughly 18 percent—FPL has plans to for additional increases later this year. This monopoly utility, which is protected from free market competition, intends to hit its customers with additional hikes for fuel costs, its storm protection plan, and its costs related to Hurricane Ian.
In fact, FPL has gamed the system so it can raise customer rates for practically anything, including higher interests rates, higher taxes on its profits, inflation, and even its own bad investments. In the base rate increase it had approved by the Public Service Commission (PSC) last year, the company has even shifted its lobbying costs onto the shoulders of its customers.
And should FPL happen to overcharge you on your electric bill, the company isn’t even required to reimburse you for it!
Because FPL is allowed by the legislature and the PSC to rig the system and avoid free market competition, the company is not reducing its heavy reliance on expensive natural gas, which has more than doubled in price over the past year, to generate electricity. Solar, nuclear, and wind all now provide cheaper electricity than natural gas.
FPL has no incentive to follow the market and make smarter investments as long as it can pass the higher costs onto its captive base of customers. Please use this form to write your state lawmakers and let them know you want FPL to bear the cost of its bad decisions—including its stubborn over-reliance on natural gas—and for its customers to have the freedom to choose their electricity provider.