Florida PSC approves Gulf Power rates

TALLAHASSEE, Fla. (WJHG/WECP) - The Florida Public Service Commission has approved new rates for Gulf Power customers that will mean an increase in a home's average power bill.

The PSC gave its formal blessing on Thursday to the rate increase which will mean an increase of $6.20 per 1,000 kilowatts for residential customers. The average bill will go from $131.43 to $137.63 according to the PSC.

Commercial and industrial bills will increase by three to six percent.

On April 4, 2017, the PSC approved a settlement agreement on the utility’s rate petition. The agreement was signed by Gulf Power; the Office of Public Counsel, who represents all ratepayers; the Florida Industrial Power Users Group; and the Southern Alliance for Clean Energy. No other party to the case objected.

Gulf originally requested additional revenues of $106 million and a return on equity of 11 percent. The agreement provides Gulf with recovery of an additional $62 million in revenues and maintains its return on equity at the current 10.25 percent.

Gulf Power, a wholly-owned subsidiary of Southern Company, provides electric service to more than 450,000 customers in eight Florida counties.