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SOURCE Florida Power & Light Company
FPL's typical, 1,000-kWh residential bill projected to remain:
- Lower than it was in 2009
- Lower than the national average
- Lowest in Florida for sixth year in a row
JUNO BEACH, Fla., Aug. 22, 2014 /PRNewswire/ -- Florida Power & Light Company (FPL) today announced that, subject to approval by the Florida Public Service Commission (PSC), it expects to reduce customer rates in 2015.
Based on the company's projections filed today, FPL's typical 1,000-kilowatt-hour residential customer bill will decrease nearly $2 a month beginning in January 2015. At the same time, typical business customer bills are expected to decrease roughly 1 percent, depending on rate class and type of service.
"This is terrific news for our customers, particularly now as the cost of other essentials continues to rise," said Eric Silagy, president and CEO of FPL. "Our continued strategy of making smart, long-term investments is paying off for our customers not only with enhanced service reliability and cleaner power, but also lower rates."
Today, FPL's typical 1,000-kWh residential customer bill is already lower than it was five years ago due largely to savings on fuel costs. After the anticipated reduction in January, FPL's typical bill will be about 9 percent lower than it was in 2009.
Also, FPL's typical residential bill remains approximately 25 percent lower than the U.S. average and is projected to continue to be the lowest in Florida for a sixth year in a row.
"Our customers are seeing lower electric rates while we're also delivering them power that's far cleaner," added Silagy. "By investing in efficient, U.S.-produced natural gas and zero-emissions nuclear and solar energy, we have driven down our emissions rates year after year. Today, FPL is one of the cleanest electric utilities in the nation. Our carbon emissions rate is 35 percent cleaner than the U.S. average, and we've reduced our use of foreign oil by 99 percent – all while lowering customers' bills. In particular, the investments we've made since 2001 in converting our old, oil-fired power plants to modern energy centers that run on clean, U.S.-produced natural gas have saved our customers $6.8 billion dollars and counting."
Estimates released today reflect FPL's projections for 2015 for the cost of fuel to generate power and other components of a customer's electric bill. As investments in fuel-efficient power plants continue to benefit customers, FPL projects that its fuel charge will remain near its lowest levels in the past decade. In addition, the company expects to save customers on nuclear development, conservation, purchased power and other non-fuel costs compared with 2014.
FPL's Typical 1,000-kWh Residential Customer Monthly Bill
2014 to 2015 Change
– $1.86 decrease
projected in monthly bill
Notes: 2014 bill reflects approved rates in effect for December 2014. 2015 bill estimate includes projected 2015 rates for fuel, capacity, environmental and conservation; the current storm charge; and the state gross receipts tax. All rates are subject to change and must be approved by the PSC before implementation.
Rates are not final until approved by the PSC. As part of the annual regulatory process, the PSC is expected to review electric utilities' projections later this fall in order for new rates to take effect in January 2015.
FPL Energy Dashboard and Integrated Online Home Energy Survey can help customers save even more
FPL's Online Home Energy Survey can help customers fast-forward to lower bills with personalized energy-savings plans, tips and recommendations that can save a typical household up to $250 a year. 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 readings and more – so tracking and managing energy costs is easier than ever. Customers can visit FPL.com/easytosave to learn more.
Florida Power & Light Company
Florida Power & Light Company is the third-largest electric utility in the United States, serving approximately 4.7 million customer accounts across nearly half of the state of Florida. As of year-end 2013, FPL's typical 1,000-kWh residential customer bill is approximately 25 percent lower than the national average and the lowest in Florida among reporting utilities. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among utilities nationwide. The company was recognized in 2014 as the most trusted U.S. electric utility by Market Strategies International, and has earned the national ServiceOne Award for outstanding customer service for an unprecedented 10 consecutive years. A leading Florida employer with approximately 8,900 employees, FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.FPL.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "aim," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or an appropriate return on capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions to or elimination of governmental incentives that support renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional taxes or assessments on renewable energy; impact of new or revised laws, regulations or interpretations or other regulatory initiatives on NextEra Energy and FPL; effect on NextEra Energy and FPL of potential regulatory action to broaden the scope of regulation of over-the-counter (OTC) financial derivatives and to apply such regulation to NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations; effect on NextEra Energy and FPL of changes in tax laws and in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; potential volatility of NextEra Energy's results of operations caused by sales of power on the spot market or on a short-term contractual basis; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by FPL and NextEra Energy Resources; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; increasing costs of health care plans; lack of a qualified workforce or the loss or retirement of key employees; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy's and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; liability of NextEra Energy and FPL for increased nuclear licensing or compliance costs resulting from hazards, and increased public attention to hazards, posed to their owned nuclear generation facilities; risks associated with outages of NextEra Energy's and FPL's owned nuclear units; effect of disruptions, uncertainty or volatility in the credit and capital markets on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of creditors to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; and effect of disruptions, uncertainty or volatility in the credit and capital markets of the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2013 and other SEC filings, and this press release should be read in conjunction with such SEC filings made through the date of this press release. The forward-looking statements made in this press release are made only as of the date of this press release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
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