Gulf Power says it has spent its storm damage reserve fund, all $24 million of it.
Now it’s asking the Florida Public Service Commission to allow it to extend a storm damage special surcharge on power bills from two to eight years.
The PSC granted a $2.71 charge per thousand kilowatt hours last March.
The utility wants to extend the charge up to eight years, but lower the hurricane repair surcharge to $1.93.
Recent hurricanes have cost Gulf Power $137 million in damages.
Even if the PSC grants the eight years of charges, Gulf Power will come no where near collecting all the money the storms have cost. It will fall $54 million short in recovering non insurable damages.