State regulators in Tallahassee approved an agreement Wednesday that will increase the base rates on nearly 2 million Floridians’ Duke Energy bills, though by much less than the company originally requested.

Governor-appointed members of the Florida Public Service Commission, which regulates utilities, praised the 338-page settlement agreement as a fair compromise between the needs of the utility and the public.

After months of intense behind-the-scenes negotiations between Duke, groups representing residential customers, industrial plants, environmentalists and more, the final agreement did not draw opposition from any parties.

That was a rare show of unity — particularly after the case began, in the words of Office Public Counsel lawyer Charles Rehwinkel, as “highly controversial and at times bitterly contested.”

In its original request, Duke had sought an $820 million increase over three years, in addition to a rate of shareholder profit well above the national average. In the final agreement, it ended up with a $262 million increase, plus up to $141 million for a dozen new solar plants as they are completed.

“Based on what Duke initially came in with, versus where we’re ending up, there’s no doubt there’s substantial savings for the customers,” commissioner Gary Clark said.

Mike La Rosa, the chairperson of the commission, said the agreement was “1000%” for the “greater good.”

Under the agreement, customers will see their base rates rise over the next two years, starting with an approximately $7 monthly increase to base rates on an average 2025 residential bill, filings show. Rates will then remain level in 2027. Base rates are one major component of electric bills, which also include other charges for things like fuel.

In its initial request to regulators, Duke has said it needs to collect more money from base rates because although more people are moving into its service territory, the amount of energy each customer uses is going down. The company said it was projecting shrinking margins.

Under the settlement approved Wednesday, Duke’s rate of return for shareholders would have a midpoint of 10.3% — which is still higher than the national average, but lower than its initial request.