NextEra’s Florida unit asks to recoup $1.2B in hurricane costs with temporary bill hike

NextEra Energy’s (NYSE:NEE) Florida Power & Light unit said Tuesday it will ask the the state’s Public Service Commission to approve a temporary surcharge on customer bills next year to recover $1.2B in restoration costs and storm reserve replenishment after three hurricanes battered Florida in recent months.

FPL said the petition filed with the regulator seeks to recover restoration expenses for Hurricanes Debby, Helene and Milton, through a temporary surcharge that likely would add $12.02/month to a typical 1,000 kWh residential customer bill from January through December next year.

The hurricanes caused more than 3M combined power outages to FPL customers with damaging winds, storm surge and unusually powerful tornadoes in the case of Milton.

“We’re mindful that customers pay these restoration costs, which is why we continue to invest in storm hardening and smart grid technology, [which] avoids many outages, speeds restoration and reduces restoration costs while helping customers bounce back faster,” FPL President and CEO Armando Pimentel said.

NextEra (NEE) shares opened -2.9% Tuesday after disclosing plans to sell $1.5B of equity units, the company’s second such unit sale this year.