“The 2025 plan projects the need for over 17 gigawatts of cost-effective solar generation across our service territory over the next 10 years.”

In context

“ed return on equity for regulatory purposes will be approximately 11.6%. During the first quarter, we utilized approximately $622 million of reserve amortization, leaving FPL with a balance of roughly $274 million. As we previously discussed, FPL historically uses more reserve amortization in the first half of the year. We expect this trend to continue this year. This quarter, FPL placed into service 894 megawatts of new cost-effective solar, putting FPL's owned and operated solar portfolio at over 7.9 gigawatts, which is the largest utility-owned solar portfolio in the country. In April, FPL filed its annual 10-year site plan, which continues to indicate that solar and storage are the most cost-effective options for customers to add reliable grid energy and capacity over the next decade. The 2025 plan projects the need for over 17 gigawatts of cost-effective solar generation across our service territory over the next 10 years. And as a complement to FPL's planned solar additions, FPL is planning to deploy over 7.6 gigawatts of battery storage, which provides cost-effective capacity. With this plan, we expect to increase FPL's solar mix from approximately 9% of our total generation in 2024 to approximately 35% in 2034, while continuing to provide customers with low cost and reliable energy. As John mentioned, on February 28, we submitted testimony and detailed supporting information for FPL's 2025 base rate proceeding. We are requesting a base rate adjustment of approximately $1.5 billion starting in January 2026. $927 million in January 2027 and a solar and base rate adjustment or SoBRA mechanism to recover revenue requirements for solar and battery storage projects in 2028 and 2029. With the proposed base rate”