“Taking all approved adjustments together, we anticipate that FPL's typical 1,000 kilowatt hour residential customer bills will remain well below the projected national average and among the lowest of all Florida utilities.”

In context

“eserve amortization to achieve our targeted regulatory ROE leaving FPL with a balance of $1.07 billion. As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year, and we expect this trend to continue this year. Earlier this year, the Florida Public Service Commission approved FPL's proposed plan to recover approximately $2.1 billion of incremental fuel costs from 2022 partially offset by projected 2023 fuel savings of approximately $1.4 billion. Amid high natural gas prices in 2022, FPL's decades-long modernization of its generation fleet has saved customers more than $2 billion in fuel costs in 2022 alone. The commission also recently approved recovery of approximately $1.3 billion of hurricane costs from 2022 over a 12-month period. Taking all approved adjustments together, we anticipate that FPL's typical 1,000 kilowatt hour residential customer bills will remain well below the projected national average and among the lowest of all Florida utilities. Turning to our development planning and efforts. FPL recently filed its annual 10-year site plan that presents our generation resource plan for the next decade. The 2023 plan includes roughly 20,000 megawatts of new low-cost solar capacity across our service territory over the next 10 years, which would result in nearly 35% of FPL's forecasted energy delivery in 2032 coming from cost-effective solar generation up significantly from roughly 5% in 2022. Given the increasing customer benefits of low-cost renewables FPL's post-2025 solar capacity additions and this year's plan are more than double last year's approved plan and also includes 2 gigawatts of battery storage over the next decade. We believe the expansion of cost-effective solar and storage will provide a valuable hedge for our cu”