November 10, 2008
FPL to File Lower Fuel Charges for 2009
Florida Power & Light Company today said it will reduce the amount of the pass-through fuel charge on 2009 customer bills based on the most current market prices for fuel for 2009.
The Florida Public Service Commission (PSC) last week began considering 2009 fuel charges based on market projections contained in FPL's September filing. Based on more recent market data, the company has updated the 2009 fuel charge forecast. Using these prices, the total forecasted fuel bill for 2009 dropped below previously established thresholds for changes to the charge.As a result, in a filing today, FPL asked the PSC to delay its pending vote on the existing 2009 fuel charge filing so that FPL can provide an updated filing reflecting a reduction in the fuel charge. The company expects to file by Nov. 20.
Fuel charges are a pass-through cost reflecting customer usage. FPL makes no profit on fuel charges.
"In light of recent fuel price declines, we updated our market projections, which now indicate a lower fuel charge and as a result lower prices for our customers. We hope these lower prices stay in effect throughout 2009 but it's impossible to predict given the recent volatility of the fuel markets. Regardless of what happens, we will continue to do everything we can to help our customers manage their usage and bills to the greatest extent possible," said FPL President and CEO Armando J. Olivera.
Florida Power & Light Company is a subsidiary of FPL Group, Inc. (NYSE:FPL), nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. With annual revenues of over $15 billion and a growing presence in 27 states, FPL Group is widely recognized as one of the country's premier power companies. Florida Power & Light Company serves 4.5 million customer accounts in Florida. FPL Energy, LLC, FPL Group's competitive energy subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPL.com, www.FPLGroup.com and www.FPLEnergy.com.
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