FPL Announces Plan to Apply Federal Tax Savings Towards Cost of Hurricane Irma Restoration

On January 16, 2018, Florida Power & Light (FPL) announced that because of the federal tax savings from the tax reform signed into Law by President Trump on December 22, 2017, FPL customers would not pay a surcharge for Hurricane Irma restoration as originally planned. FPL will apply it’s federal tax savings towards the $1.3 billion cost of Hurricane Irma restoration.

In addition, FPL also indicated that they may be able to use future federal tax savings to continue to operate under the current base rate agreement beyond the initial term, which was to end in 2020, for up to two additional years.

“The timing of federal tax reform, coming on the heels of the most expensive hurricane in Florida history, created an unusual and unprecedented opportunity. We believe the plan we’ve outlined is the fastest way to begin passing tax savings along to our customers and the most appropriate approach to keeping rates low and stable for years to come,” said Eric Silagy, president and CEO of FPL.

More good news for FPL customers, is that on March 1, 2018, the $3.35 a month surcharge that was applied to customer bills for costs associated with Hurricane Matthew recovery will end.

 

For more information, please visit newsroom.fpl.com

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