Florida’s Attorney General Bill McCollum announced Monday that he has reached a settlement with Progress Energy Florida on behalf of Florida consumers which will freeze base rates for Progress customers through 2012. The agreement will also cap the repair costs that customers might have to pay in the event of any catastrophic storms, while allowing Progress Energy immediate access to the funds necessary to make any emergency repairs.
Under the agreement, Progress Energy can petition for interim rate relief if Progress’ profitability falls outside of certain financial benchmarks.
The agreement is still subject to approval by the Florida Public Service Commission.
The Attorney General said that as Floridians work to make ends meet in this challenging economy, Progress customers won’t have to worry about skyrocketing utility bills. Eliminating the concern over rising costs of electricity over the next few years will certainly be a relief for many.”
Joint Motion
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