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, 2023, FPL had approximately 33,276 MW of net generating capacity, approximately 90,000 circuit miles of transmission and distribution lines and 883 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 approximately 5.9 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 segment's 2023 average bill for 1,000 kWh of monthly residential usage was well below both the average of reporting electric utilities within Florida and the July 2023 national average (the latest date for which this data is available).
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
6.0 million customer accounts
as of Dec. 31, 2024
Energy sales of
142 billion kWhs YTD
as of Dec. 31, 2024
Average YTD price of
11.83 cents/kWh
as of Dec. 31, 2024(1)
2,232 cooling degree-days and 291 heating degree-days YTD
as of Dec. 31, 2024(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 2021 Base Rate Case Settlement
- Unifies the rates and tariffs of FPL and Gulf Power
- New rates are effective January 1, 2022 through at least December 31, 2025
- Allowed regulatory ROE midpoint of 10.6% with a range of 9.7% to 11.7%
- Flexibility to amortize up to $1.45 billion of reserve amount (1)
- Supports the development of 16 million solar panels across more than 50 new sites and the green hydrogen pilot project in Okeechobee County
(1) Limited to the amortization of $200 MM of reserve during the first year of the 2021 rate agreement
For information on FPL’s rate structure, click here