The rising cost of crude oil, coal and natural gas will hit your home power bill in January.
The Florida Public Service Commission has launched a three day hearing to determine how much Gulf Power and the other major power companies in the state will be able to recoup through their fuel adjustment charges.
Kevin Blume of the PSC says the fuel adjust is a cost of doing business.
“A fuel adjustment is what happens when companies are paying more for fuel then they anticipated. It takes fossil fuels to run their power plants. When the price of fossil fuels go up they seek to recover that cost. They don't make any money off of it. It's just simply a reflection of what's happening in the marketplace."
Gulf Power and three other major electric utilities in Florida have filed for a fuel adjustment increase and the PSC is expected to issue a decision on Wednesday.
Gulf Power wants $5.05 a month for the average home using 1,000 kilowatts of electricity.