Tallahassee, FL — Today, Food & Water Watch, the Hillsborough Affordable Energy Coalition, Power Floridians Can Afford Coalition, and other allied organizations sent a letter to the Florida Public Service Commission urging the rejection of a proposed amendment to Rule 25-14.004, F.A.C., Effect of Parent Debt on Federal Corporate Income Tax. 

Rule 25-14.004 allows customers to benefit from tax breaks associated with the debt of their utility’s parent company that is embedded in the utility subsidiary. Proposed amendments would no longer allow Florida ratepayers to benefit from those tax breaks, thus increasing bills for customers of utilities that are subject to the rule. 

The letter, in part, states: 

Florida is in an energy affordability crisis. For four decades the current rule has steadfastly reflected the relationship between a subsidiary and its parent company and that the subsidiary is in a highly captive and dependent relationship with its parent. Subsidiaries do not exist in a vacuum. Because of such, it is important to consider the financial support that a subsidiary provides to its parent company and to return to ratepayers some of the benefits that the parent company receives from that subsidiary’s ratepayers.

Brooke Ward, Florida State Director of Food and Water Watch, the coordinator of the letter said:

“This attempt by DeSantis’ utility regulators to repeal a cost-saving rule is an egregious example of why we need legislation to protect Florida families from regulators who put corporate greed over the wellbeing of Florida families just trying to make ends meet. The Florida Public Service Commission should not be increasing handouts to for-profit utility corporations, but that is what has been happening year-after-year and why they must reject the proposed amendment.”

“Tampa Electric (TECO) customers are paying some of the highest electric bills in the nation while their dollars drive up private profits for corporate utility shareholders,” said Alyssa White, Climate Justice Organizer at Florida Student Power and member of the Hillsborough Affordable Energy Coalition. “As TECO is expected to file for another rate hike next year, our utility regulators should be focused on ensuring bills are affordable — not protecting utility profits by removing another rule meant to benefit customers. Residents are tired of bills rising with no relief in sight. It’s time for our elected officials like Tampa City Council to stand up for their constituents and demand real energy affordability from the Florida Public Service Commission and our state lawmakers.”

According to Food & Water Watch analysis, between January 2021 to January 2026, typical residential electricity bills increased by: 

• $39.08 per month ($468.96 per year) for Florida Power & Light (FPL) customers — a 42% increase; 
• $57.35 per month ($688.20 per year) for Duke Florida customers — a 45% increase;
• $77.22 per month ($926.64 per year) for Tampa Electric (TECO) customers — an 81% increase.

According to data from the U.S. Energy Information Administration, TECO, Duke Energy, and FPL residential customers paid the third, fifth, and seventh highest bills, respectively, in the nation in 2024.