“FPL's typical 1000 kilowatt hour residential customer bill is expected to be roughly $14 lower in May than the start of the year and approximately 37% lower than the current national average.”

In context

“y capital employed over our current rate agreements four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.3 billion for the quarter and we expect FPL's full year 2024 capital investments to be between $7.8 billion and $8.8 billion. For the twelve months ending March 2024 FPL's reported ROE for regulatory purposes will be approximately 11.8%. During the first quarter, we utilized approximately $572 million of reserve amortization, leaving FPL with a balance of roughly $651 million. 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 month, FPL received approval to reduce customer bills due to projected 2024 fuel savings. As a result, FPL's typical 1000 kilowatt hour residential customer bill is expected to be roughly $14 lower in May than the start of the year and approximately 37% lower than the current national average. Over the current four-year settlement agreement we now expect FPL's capital investments to be slightly above our previous range of $32 billion to $34 billion. This quarter FPL placed into service 1640 MW of new cost effective solar, putting FPL's owned and operated solar portfolio at over 6400 MW, which is the largest utility owned solar portfolio in the country. FPL's annual ten-year site plan continues to indicate that solar and storage are the most cost effective answer for customers to add reliable grid capacity over the next decade. The 2024 plan includes similar levels of new solar generation capacity 21 gigawatts across our service territory over the next ten years compared to our 2023 plan. But our 2024 plan doubles the expected deployment of battery storage to over 4 gigawatts, s”