FP&L has announced a plan that would slash utility bill prices for the month of May.
The company made the announcement Monday afternoon stating that due to the coronavirus, the cost of their power-plant fuel has dropped resulting in savings for them. According to the law, utility companies are required to pass those savings down to their customers.
“Traditionally, our regulators expect these types of savings to be spread out over the balance of the year,” FPL President and Chief Executive Officer Eric Silagy said in a prepared statement Monday. “However, challenging times call for exceptional measures. I believe this one-time bill decrease is the most effective way to infuse customers with much-needed money as we all navigate through this difficult and unsettling time together.”
In a typical year, customers would normally see those savings show up on bills over a series of months, however, to help deal with the crippling effect the coronavirus has had on the country, FPL is hoping to offer a one time savings at the time customers need it the most.
The plan still needs to be a approved by the Florida Public Service Commission before it can be implemented. A detailed proposal is expected to be sent to the council by next week.