PSC approves rate agreement with Progress Energy

The Florida Public Service Commission has approved a multi-year agreement with Progress Energy Florida over base-electric rates and nuclear-power projects.

Under the settlement, starting in 2013 base rates will increase by $150 million dollars to cover the cost to provide energy to Progress Energy’s more than 1.6 million customers in the state.

Customers would see an estimated 4 percent increase over current rates; residential customers who use 1,000 kilowatt hours of electricity a month would see their bills go from the current $123.19 to an estimated $128.12 next year.

The increase, however, will be largely offset in 2013 and 2014 by a $288 million refund to customers reflecting the ongoing outage at the Crystal River Nuclear Plant.

It also removes the Crystal River Nuclear Plant from base rates while the company continues to analyze options for the plant.

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