Part of this increase will be offset by a refund to customers that is currently estimated to be $75 million to $100 million. The refund is pursuant to an agreement reached in April 1999 with the Office of the Public Counsel and the FPSC that provides for revenue sharing between FPL and its customers, as well as a 6 percent annual rate reduction for three years. As a result of the forecasted fuel costs and the expected rebate, residential electric rates could increase by approximately 13 percent per kilowatt-hour. FPL is studying ways to limit the increase to 9 percent, including asking the FPSC to spread the increase over two years rather than the standard one-year recovery period.
Houston’s Reliant Energy Inc. will buy electricity from a new $150 million 200 Mw wind power project being developed in Upton County near McCamey in west Texas, the company reported Thursday.