How will an FPL increase affect you? What to know about your rising utility bill

BRADENTON HERALD

If you live in South Florida, you may notice your electricity bill going up in 2023.

On Tuesday, state regulators approved utility costs that will increase electric bills for customers of Florida Power & Light, Duke Energy Florida, Tampa Electric Co. and Florida Public Utilities Co.

READ MORE: Owners of Florida homes, businesses set for jolt from higher electric bills starting in January

And your bill is likely to rise again in the spring.

Here’s what to know — so far — about the surge.

How much will I be charged?

Customers of FPL, which services Miami-Dade, Broward, Palm Beach and most of Florida’s east coast, will notice 1,000-kilowatt-hour bills go from the current $120.67 to $125.39 in January. Rates will increase again to $129.59 in February.

But we don’t yet know how bills will look throughout 2023.

FPL said bill estimates are likely to change due to the volatile natural gas market.

What’s going on?

The price of natural gas, which is used to fuel power plants, has spiked in 2022. Fuel prices reached their highest point since 2008, a 75% markup from 2021.

This trend has pushed providers, such as FPL, to foot customers the bill to cover costs. And customers may notice the upcharge more because FPL increased monthly bills in 2022 and approved a series of price hikes until 2026.

FPL aims to recover $2 billion in fuel costs starting April. But the energy company will spread costs over a 21-month period to avoid “rate shock,” FPL attorney Maria Moncada told the Florida Public Service Commission.

As of July, additional fuel costs reached $1.6 billion, according to FPL. The company said it has been monitoring the market to provide a more accurate assessment of fuel costs for 2022.