Florida Power & Light (FPL) is preparing to ask customers to foot a hefty bill for hurricane recovery. The utility company plans to file a petition with the Florida Public Service Commission to recoup an estimated $1.2 billion in costs related to restoring power after Hurricanes Debby, Helene, and Milton.
The bulk of the expenses, approximately $800 million, stem from Hurricane Milton, which caused widespread damage across Florida in early October.
An additional $300 million is attributed to Hurricanes Debby and Helene, which impacted the state earlier in the year.
READ: FEMA Hiring Hundreds In Florida For Hurricane Recovery Efforts
Storm Cost Recovery
While the amount may seem staggering, it’s important to note that utilities routinely seek and receive approval to recover storm-related costs from customers.
These costs are typically passed along as a temporary surcharge on customer bills. Duke Energy Florida and Tampa Electric Co., which also faced extensive power restoration efforts after this year’s hurricanes, are likely to follow suit and seek cost recovery from their customers.
FPL’s Storm Reserve Fund
In addition to storm restoration costs, FPL plans to replenish its storm reserve fund with about $150 million. This fund helps the utility cover future storm-related expenses.
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Investments in Grid Resilience
FPL emphasized its ongoing investments in grid hardening, underground power lines, and smart grid technology, which it credits with reducing outages and minimizing damage to its infrastructure during the hurricanes.
Timeline and Approval
FPL is expected to file its petition with the Public Service Commission in the fourth quarter of 2024. While the commission must approve the request, utilities have historically received approval for such cost recovery measures.
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