What Happened to Florida Power & Light (FPL)?
Florida Power & Light (FPL) remains America's largest electric utility, serving approximately 12 million people across Florida. In recent years, FPL has focused on significant infrastructure investments, including storm hardening and expanding solar and battery storage, alongside navigating approved rate increases for customers through 2029 and settling a class-action securities fraud lawsuit related to past controversies.
Quick Answer
Florida Power & Light (FPL) continues to be the largest electric utility in the U.S., actively investing in grid modernization, storm resilience, and a substantial expansion of solar and battery storage capacity. The company secured a four-year rate increase plan from the Florida Public Service Commission in late 2025, impacting customer bills through 2029. FPL's parent company, NextEra Energy, also reached a binding agreement in principle in March 2026 to settle a class-action securities fraud lawsuit stemming from allegations of political interference and surveillance.
📊Key Facts
📅Complete Timeline14 events
PSC Approves Interim Storm Restoration Charges
The Florida Public Service Commission (PSC) approved interim storm restoration charges for FPL totaling $1.2 billion due to Hurricanes Debby, Helene, and Milton, and allowed FPL to replenish its storm reserve. This resulted in a $12.02 monthly charge for typical residential customers for 12 months starting January 2025.
FPL Submits Four-Year Rate Request
FPL submitted a comprehensive four-year request to the Florida Public Service Commission (PSC) to set new rates for 2026 through 2029, aiming to cover investments in grid reliability, customer service, and generation resource diversification.
FPL Announces Major Battery Energy Storage System (BESS) Expansion
FPL disclosed plans to deploy over 2.2 GW of new BESS between 2026 and 2027, with a total investment of $3.8 billion, as part of its four-year plan to enhance grid reliability and provide cost-effective energy solutions.
FPL Prepares for 2025 Hurricane Season
FPL announced its year-round preparations for the 2025 hurricane season, including investments in hardening the electric system with resilient designs, undergrounding power lines, and installing smart grid technology.
Proposed Settlement Reached for Rate Hike
FPL and a coalition of groups reached a proposed settlement for a four-year rate increase, which would lead to increases of $945 million in 2026 and $766 million in 2027, lower than FPL's initial request.
PSC Approves Four-Year Rate Agreement (2026-2029)
The Florida Public Service Commission (PSC) approved a four-year rate agreement for FPL, setting rates from 2026 through 2029. This will result in a $2.50 monthly increase for typical 1,000-kWh residential customers in most of Florida in 2026.
Securities Fraud Lawsuit Against NextEra/FPL Resurrected
A federal appeals court decision allowed an investor lawsuit accusing NextEra and FPL executives of securities fraud to move forward, overturning a previous dismissal. The suit alleged misleading statements related to 'ghost' candidates and other controversies.
Settlement Reached in Securities Fraud Lawsuit
NextEra Energy and investors agreed to a 'binding agreement in principle' to settle the class-action securities fraud lawsuit, with a final settlement expected by summer 2026.
FPL Achieves Lowest-Ever Outage Frequency in 2025
FPL announced that it matched its best reliability performance on record in 2025 and achieved the lowest outage frequency in company history, attributing this to systematic investments.
NextEra Energy Reports Strong Q1 2026 Financial Results
NextEra Energy, FPL's parent company, reported strong first-quarter 2026 financial results, with FPL contributing $1.462 billion in net income.
NRC Authorizes St. Lucie Nuclear Plant License Renewal
The U.S. Nuclear Regulatory Commission (NRC) approved subsequent license renewals for FPL's St. Lucie Nuclear Plant Units 1 and 2, allowing them to operate for another 20 years.
FPL Conducts Annual Hurricane Preparedness Drill
FPL wrapped up its annual storm drill, simulating a Category 2 hurricane to stress-test systems, new technology, and improve emergency response ahead of the 2026 hurricane season.
NextEra Energy Announces Plans to Acquire Dominion Energy
NextEra Energy, FPL's parent company, announced plans for a $67 billion deal to acquire Dominion Energy, aiming to create the world's largest regulated electric utility business.
FPL Issues Floating SOFR-Linked Notes
Florida Power & Light Company sold $255.4 million principal amount of its Floating Rate Notes, Series due June 1, 2076, bearing interest at a rate equal to Compounded SOFR minus 0.35%.
🔍Deep Dive Analysis
Florida Power & Light (FPL), a subsidiary of NextEra Energy, Inc., has continued its role as a dominant energy provider in Florida, serving over 6 million customer accounts or approximately 12 million people. The company has been at the forefront of significant infrastructure development and energy transition efforts, while also facing scrutiny over its operations and rate structures.
One of the most significant developments for FPL in recent years has been the approval of a new four-year rate plan by the Florida Public Service Commission (PSC). In November 2025, the PSC approved a settlement that will lead to base rate increases for FPL customers from 2026 through 2029. This plan includes increases of $945 million in 2026 and $705 million in 2027, with additional amounts in 2028 and 2029 for solar energy and battery storage projects. For a typical residential customer using 1,000 kWh, bills in most of Florida are projected to increase by $2.50 per month in 2026, from $134.14 to $136.64. FPL argued these increases are necessary to fund investments in grid modernization, storm hardening, and new generation resources to meet the demands of Florida's rapid growth.
Concurrently, FPL and its parent company, NextEra Energy, have been navigating a class-action securities fraud lawsuit. This lawsuit, which was effectively resurrected by the 11th U.S. Circuit Court of Appeals in late 2025, accused FPL officials of making misleading statements while embroiled in high-profile controversies. These alleged misdeeds included involvement in 'ghost' candidate schemes to influence elections, using 'dirty tricks' to acquire Jacksonville's city-owned electric utility, surveillance of a journalist, and attempts to control media coverage. In March 2026, NextEra and the investors reached a 'binding agreement in principle' to settle the lawsuit, with a final settlement expected by summer 2026.
FPL has also heavily emphasized its commitment to renewable energy and grid resilience. The company aims to install 30 million solar panels across Florida by the end of 2025, a goal it expects to achieve five years ahead of schedule. Furthermore, FPL plans to deploy over 2.2 GW of new Battery Energy Storage Systems (BESS) between 2026 and 2027, with a total expected storage capacity exceeding 4 GW over ten years. These investments are part of FPL's 'Real Zero' goal to eliminate carbon emissions from its power plant fleet by no later than 2045, utilizing a mix of solar, batteries, nuclear, and green hydrogen. Annually, FPL conducts extensive storm preparedness drills, incorporating advanced technologies like AI and drones, and continues to invest in undergrounding power lines and strengthening infrastructure to enhance reliability during severe weather events.
As of May 2026, FPL continues to focus on its operational efficiency, grid improvements, and renewable energy expansion, while also managing the financial implications of its rate plan and the resolution of past legal challenges. NextEra Energy also announced plans in May 2026 to acquire Dominion Energy in a $67 billion deal, which, if approved, would create the world's largest regulated electric utility business.
What If...?
Explore alternate histories. What if Florida Power & Light (FPL) made different choices?