Florida Power & Light (FPL) witnesses admitted to state regulatory authorities that their proposed rate hike of $ 1.53 billion over the next four years will cost residential customers disproportionately more than the largest commercial and industrial companies in the state. The FPL witness statements came during a one-day hearing to review a proposed four-year settlement between the state’s largest utility company and other interested groups.

Under questioning by opponents, more than one FPL executive acknowledged that company data shows that residential customers will pay $1 billion more in increases than industrial customers under the proposed deal, which if approved will be the largest rate increase in history, for the largest utility company in the state.

“That’s a lot of money,” said Bradley Marshall, the lead attorney for Earthjustice and other opponents before their questions prompted FPL experts to acknowledge elements of the settlement that weren’t included in the company’s promotional materials.

“It’s hundreds of dollars per residential customer that they shouldn’t pay to subsidize the rates of a few large companies,” he said.

But Robert E. Barrett, FPL’s vice president of finance, called it a “comprehensive arrangement” that balances the interests of all clients

Source: US Media Press,(Truncated for salient material)

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