November 11, 2008

FPL to Reduce Pass-Through Fuel Charge in 2009

The Florida Power & Light Company has announced that it will reduce the amount of the pass-through fuel charge on 2009 customer bills based on the most current market prices for fuel in 2009.

The Florida Public Service Commission (PSC) has begun considering 2009 fuel charges based on market projections contained in the Florida Power & Light Company's (FPL) September 2008 filing.

Based on more recent market data, the company has updated the 2009 fuel charge forecast. Using these prices, the total forecast fuel bill for 2009 dropped below previously established thresholds for changes to the charge.

As a result, FPL has 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 November 20, 2008.

Armando Olivera, president and CEO of FPL, said: "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 is impossible to predict given the recent volatility of the fuel markets."