Will electricity bills go down in 2024? This is what is expected

MIAMI.- Everything is going up in price, people complain on every neighborhood corner, but an announcement from public service companies like Florida Power & Light (FPL) awakens some optimism regarding the expectations of the new year. A decrease in the amount of electricity bills is anticipated.

Indeed, FPL customers will see their bills go down a little next year because costs to restore power after recent hurricanes were lower than expected. In this way, the values ​​transferred to clients will not be as high.

The savings for users will be $8.65 per month during the first quarter. Although it may not be much, the announcement generates satisfaction for those who live with low salaries ‘paycheck to paycheck’, in the midst of inflation that appears to be stabilizing, according to federal authorities.

The announced reduction comes from an approval made by the Florida Public Service Commission (PSC) to the FPL for $1.3 billion to cover recovery expenses after hurricanes Ian and Nicole. The amount initially requested by FPL was $1.46 billion, but the company later reduced the amount to the value approved by the PSC.

FPL Approval

FPL is Florida’s largest electric utility. It currently serves approximately 5.8 million accounts or more than 12 million people, according to company figures.

This decrease in bills will occur after the company reduced rates last July due to lower than expected costs of natural gas used to fuel power plants. The high costs of this fuel in previous years had triggered an increase in the production costs of electrical energy.

Other companies like Duke Energy Florida y Tampa Electric Co. They also plan to reduce their customers’ bills.

Tampa Electric customers using 1,000 kilowatts will pay $143.48 in January, up from $161.13 currently, while Duke customers using 1,000 kilowatt hours will be charged $171.71. Right now they pay 183 dollars.

Electricity rates are fixed in Florida for several years, however, the PSC annually reviews and adjusts, if necessary, invoice costs.

Tarun Kumar

I'm Tarun Kumar, and I'm passionate about writing engaging content for businesses. I specialize in topics like news, showbiz, technology, travel, food and more.

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