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. read more