FPL Rate Increase - Public Service Meeting Fort Myers this Thursday!

We want to let you know about a Public Service Commission meeting happening in Lee County this Thursday. The meeting is regarding a requested rate increase by FPL and is an opportunity for the public to talk directly with the Commissioners who will be making the decision on the rate increase in August.

FPL will have their people out in droves so if it is possible please get this info out and ask people to attend the meeting to voice their concerns about this rate increase. Below is an email Abigail MacIver with AFP put together that links to an action alert and some additional news articles. Abigail is happy to answer any questions that anyone may have or provide additional information if someone needs it.

It would be great if we can get 50 people to attend this meeting (which may be pushing it this close to the meeting date)but this is an important issue with direct impact on everyone's wallets. If we can get 50+ people out to this meeting we will give FPL a real run for their money (literally)!

Below is Abigail MacIver's contact info if anyone has a question regarding the meeting or the issue, as well as her email with the links you can send out to other activists.

Abigail F. MacIver

Director of Policy & External Affairs

Americans for Prosperity & AFPF - Florida Chapter

amaciver@afphq.org

P. 407.754.6400

F. 407.650.2916

www.AFPFlorida.com (http://www.AFPFlorida.com/)

AFP-FL on Twitter (http://www.twitter.com/AFPFlorida)

AFP-FL on Facebook (http://www.facebook.com/afpfl)

www.KeepEmHonestFlorida.com (http://www.KeepEmHonestFlorida.com/)

Florida Power & Light (FPL) has asked the Public Service Commission (PSC) for a $690 million rate increase. As Florida’s largest utility, this rate increase will affect 8 million Floridians.

FPL has a monopoly on its services – they have no competition and have a guaranteed return on investment currently of 10 percent. FPL wants the PSC to approve an 11.25% rate of return, which according to their CFO is necessary “to continue to deliver value to its customers” and a “fair return” to investors.

However, shareholders of FPL’s parent company NextEra received a 22% return in 2011, and their profits increased 72% in the first quarter of 2012. This certainly begs us to ask - why is a rate increase needed?

FPL’s President says that the company has a history of tightening its belt, but they continue to increase costs and salaries, including CEO compensation of $14.8 million in 2011! This doesn’t seem like belt-tightening to us.

Florida Public Counsel J.R. Kelly, whose job is to represent the citizens at PSC rate request hearings, has said that FPL’s request is “absolutely ridiculous.”

At a time where the average consumer is lucky to receive one percent return on their savings, if they have any savings at all, it is outrageous that FPL can ask for such an unfounded and egregious rate increase. It’s time for FPL to be good stewards and watch out for their customers, not just their shareholders.

The PSC is holding a series of public meetings starting this week.

Attend the meeting in your area to voice your concerns over FPL’s rate increase and ask the Public Service Commissioners to closely examine this request and protect the interest of the ratepayers.

Send an email to the Public Service Commissioners HERE. (http://www.kintera.org/c.dvKQIcO0IkJ6H/b.6645695/k.8CA5/Action_Center/siteapps/advocacy/ActionItem.aspx?c=dvKQIcO0IkJ6H&b=6645695&aid=517864)

The meeting is this Thursday in Ft. Myers:

May 31, 2012at 6:00 p.m.

School Board of Lee County Board Room

Lee County Education Center

2855 Colonial Boulevard

Ft. Myers, FL 33966

See the full list of the PSC’s scheduled public hearings on FPL’s rate increase HERE (http://www.psc.state.fl.us/utilities/electricgas/docs/2012_FPL_Rate_Hearings.pdf).

Some resources for additional information on this case:

Recent article on the rate increase from the Palm Beach Post (http://www.palmbeachpost.com/money/fpl-takes-heat-over-request-for-higher-return-2329332.html)

Recent article on NextEra’s Executive Compensation from South Florida Sun-Sentinel (http://articles.sun-sentinel.com/2012-05-26/news/fl-fpl-annual-meeting-20120526_1_nextera-energy-executive-compensation-shareholders)

Recent article on the rate increase from the Bradenton Herald (http://www.bradenton.com/2012/03/20/3949444/fla-consumer-advocate-questions.html)