Florida Power & Light Suspends $10 Billion Rate Hike Hearing Amid Settlement Talks

Florida Power & Light (FPL) has temporarily suspended hearings on its proposed nearly $10 billion rate hike, originally set to cover 2026 through 2029, to finalize a four-year settlement agreement with key stakeholders. The rate increase aims to fund infrastructure modernization, expand the electric grid, and meet Florida's growing energy demand, with the company assuring that customer bills will remain well below the national average through the end of the decade. The Public Service Commission approved the suspension, allowing the parties to submit a finalized agreement by August 20, with new rates potentially taking effect in January 2026. While the settlement is supported by several corporations and industry groups, consumer advocates, including AARP and the Office of Public Counsel, have criticized the lack of transparency and the exclusion of homeowners from negotiations, warning that the deal may favor businesses over individual ratepayers. The commission has emphasized the importance of due process and transparency, with members expressing the need to ensure decisions benefit all customers fairly. The outcome of this settlement will significantly impact approximately 12 million FPL customers across Florida.