Costs from Hurricane Matthew lead to hike in Florida Power & Light bills

$318.5 million request approved

TALLAHASSEE, Fla. – State regulators are approving another rate hike for Florida Power & Light.

The Florida Public Service Commission on Tuesday approved a $318.5 million request by the state's largest power company. The money will used to cover storm-related damage from Hurricane Matthew and to replenish the company's storm reserve fund.

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The PSC maintained that there was substantial damage caused by the storm in FPL's service territory.

The rate hike will add $3.36 a month to the average residential bill. FPL has about 4.8 million customers in the state.

The increase will start showing up on March bills and will remain in place for a year.

State regulators last fall approved an $811 million rate hike sought by the electric utility. That hike increased the average residential bill about $7 a month.

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