FPL was incorporated under the laws of Florida in 1925 and is a rate-regulated electric utility engaged primarily in the generation, transmission, distribution and sale of electric energy in Florida. FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. based on retail MWh sales. In January 2019, NEE acquired Gulf Power Company (Gulf Power), a rate-regulated electric utility engaged in the generation, transmission, distribution and sale of electric energy in northwest Florida. On January 1, 2021, FPL and Gulf Power merged, with FPL as the surviving entity. All of Gulf Power's assets and debts have been assumed by FPL. However, during 2021, FPL continued to be regulated as two separate ratemaking entities in the former service areas of FPL and Gulf Power. Effective January 1, 2022, FPL became regulated as one ratemaking entity with new unified rates and tariffs. At December 31, 2024 FPL had approximately 35,052 MW of net generating capacity, approximately 91,000 circuit miles of transmission and distribution lines and 921 substations. FPL provides service to its electric customers through an integrated transmission and distribution system that links its generation facilities to its customers. FPL serves more than twelve million people through more than 6 million customer accounts.
FPL maintains a heightened focus on rates and reliability for customers. Since rates are largely cost-based, maintaining low rates requires a strategy focused on developing and maintaining a low-cost position, including the implementation of ideas generated from cost savings initiatives. A common benchmark used in the electric power industry for comparing rates across companies is the price of 1,000 kWh of consumption per month for a residential customer. FPL’s average bill for 1,000 kWh of monthly residential usage was well below both the average of reporting electric utilities within Florida and the national average based on latest available data.
FPL Credit Ratings Summary
1) Although FPL’s outstanding tax-exempt bonds have long-dated maturities, the corresponding interest rates are variable and generally reset on a daily or weekly basis. As such, FPL’s short-term rating is applicable for these tax-exempt bonds. At FPL's election, a portion or all of the bonds may be adjusted to a long-term interest rate, at which time FPL’s long-term rating would be applicable.
For a complete listing of FPL’s debt issuances, click here
FPL Statistics
6.1 million customer accounts
as of Dec. 31, 2025
Energy sales of
143 billion kWhs YTD
as of Dec. 31, 2025
Average YTD price of
12.48 cents/kWh
as of Dec. 31, 2025(1)
2,118 cooling degree-days and 270 heating degree-days YTD
as of Dec. 31, 2025(2)
1) Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses
2) Cooling degree equivalent days use a 72 degree base temperature and heating degree equivalent days use a 66 degree base temperature
FPL Weather Index
FPL’s 2025 Base Rate Case Settlement
- New rates are effective January 1, 2026 through at least December 31, 2029
- Allowed regulatory ROE midpoint of 10.95% with a range of 9.95% to 11.95%
- Flexibility to amortize up to ~$1.5 B (after-tax) of the approved Rate Stabilization Mechanism amount(1)
- A new path for large load customers to join FPL service territory while protecting the general body of customers through a large load tariff
- Base rate increases associated with solar generation projects that enter service in 2027, 2028, and 2029 and battery storage projects that enter service in 2028 and 2029 through a Solar and Battery Base Rate Adjustment (SoBRA) mechanism(2)
(1) Includes $1.155 B of unprotected deferred tax liability, any remaining balance of the existing reserve amount approved in the 2021 Rate Settlement, and ITCs associated with the 2025 battery storage project
(2) FPL is required to demonstrate either a specified economic or resource/reliability need for these projects
For information on FPL’s rate structure, click here
