Tallahassee, FL — Today, the Desantis-appointed Florida Public Service Commission (PSC) approved a highly contentious $7 billion rate hike for Florida Power & Light (FPL) customers. It is the largest rate hike in U.S. history. With today’s approval, 12 million Floridians will pay, on average, over $14/month more come January 2026. Next year, FPL customers will pay an additional $175/annually in energy, fuel, and taxes, and by January 2028 bills will be $289 more annually.

Food & Water Watch analysis finds that from December 2020 to January 2026, the average FPL customer using 1000 kWh/month will see bills go up by 45%, or $513 more annually.

The rate hike was approved despite sustained public outcry. Last month, 29 Florida elected officials sent a letter to Governor DeSantis and his Public Service Commission urging them to reject FPL’s rate hike proposal. This echoed calls from advocates, the Manatee County Commission, the City of Pembroke Pines, and the Office of Public Counsel (OPC) opposing the rate hikes.

The PSC’s decision rubber-stamps the special interest groups who entered into a closed-doors settlement proposal with FPL. Residential customer advocates and the Office of Public Counsel were left out of the settlement. Revenue from all customers will now subsidize increased discounts on large companies’ energy usage during peak times, according to the OPC. Under this deal, the OPC also reported that FPL shareholder profits will be the highest in the lower 48 states with a return on equity at 10.95%. To guarantee these shareholder profits, half of every dollar FPL requested will go toward those profits and associated taxes.