There’s a little good news for Progress Energy customers this week. The Florida Public Service Commission on Tuesday denied a rate increase for the company.
Progress Energy Florida was seeking a $500 million dollar base rate increase – it would have been the first increase in base rates since 1993. If the increase had been approved bills would have gone up by about a third. The rate increase was opposed by Florida’s governor and Attorney General.
The Public Service Commission also reduced Progress Energy’s return on equity from the requested 12.54 percent to 10.50 percent. That’s below the 11 and a quarter percent the Public Service Staff had recommended.
The Commission also voted to use a portion of Progress Energy’s depreciation surplus to zero out any operating revenue increase. Adjustments were made in a number of areas, including several expense categories, a depreciation study, salaries and benefits, salary increases, and incentive compensation.
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