We are pleased to propose a solution that would limit the increase for the typical residential customer to about 4 cents a day, including changes in base rates, fuel and other components of the bill, he said in a prepared statement. "Under this proposed settlement, our customers are projected to continue to have the lowest typical bills in the state along with reliability and an emissions profile that are among the best in the country.
The Public Service Commission can approve the settlement or reject it and move ahead with the hearings scheduled to begin on Monday.
Also opposing the settlement was the Florida Retail Federation and a series of individual ratepayers who have joined the legal case as intervenors.
"The proposed settlement is not fair nor reasonable and is not in the general interest of the public and consumers, said Thomas Saporito, one of the citizen intervenors. He criticized the settlement offer as a secret deal negotiated by a small group of attorneys that did not include all parties involved in the rate case.
"As a private citizen, I Intervened in this proceeding believing in the legal system - that if I followed all the rules set out by the Commission - that I would have an opportunity to share my views and points with the Commission at a technical hearing - as to why FPLs request to raise base rates is not in the best interests of consumers and that the Commission should order FPL to lower its base rates in these dire economic times, he said. "Now, everything is in flux?"
The proposed settlement would also reduce the companys proposed return on equity, a measure of the amount of profit the company generates for shareholders, from the 11.25 percent the company requested to 10.7 percent. Kelly believes the level should be closer to 9 percent. The current level is 10 percent.