Florida — Today, Florida Power & Light (FPL) rejected joining a settlement brought forth by the Office of Public Counsel (OPC), Floridians Against Increased Rates, and EarthJustice — representing Florida Rising and League of Latin American Citizens. The proposal outlines slashing FPL’s rate request nearly in half and lowers the return on equity (ROE) below the current level.

Even with the parties’ proposed settlement, this would have continued to be the largest rate hike in United States history at over $5 billion, and FPL would have continued having the highest ROE in the U.S., seconded by Tampa Electric. FPL settled with corporate and large-scale energy users for $7 billion.

“It’s not right that FPL gets to call the shots and dictate how much of their paychecks Florida families fork over each month. Families are struggling to make ends meet, in part because corporations like FPL prioritize their profits at our expense,” said Brooke Ward, Senior Florida Organizer with Food & Water Watch. “Even when FPL can come out ahead, they still want more. We need our elected officials to stand up and demand the Public Service Commission protect Florida ratepayers and prevent these egregious rate hikes from taking more and more of our hard earned dollars.”

The filing comes after the Public Service Commission (PSC) postponed weeks of contentious testimony that was set to begin on August 11. FPL argued that the pause was necessary since witnesses were protected by non-disclosure agreement regarding the corporate settlement. OPC and residential customer advocates were excluded from the previous settlement, prompting today’s offer, rejected by the utility.

“Today, consumer and environmental justice advocates put forward a fair settlement that cut FPL’s rate request nearly in half and lowered their profit margins—while still granting them the largest rate hike in U.S. history and one of the highest returns in the nation. This was a good-faith effort to balance fairness for Florida families with FPL’s demands,” states Mary Gutierrez, scientist and Director with Earth Ethics. “Yet, FPL rejected it—not because it wasn’t enough, but because they want even more. That rejection shows exactly where their priorities lie, and it isn’t with the people of Florida.”

“FPL’s unwillingness to compromise on a $5 billion dollar rate hike — which would still be the largest rate hike in US history — is yet another example of FPL prioritizing profit over people. All eyes should be on the PSC to stand up to monopolies and to protect average Floridians that want access to affordable, clean, and reliable energy,” said Yoca Arditi-Rocha, CEO of The CLEO Institute. “If the PSC continues to rubber stamp bad deals for consumers, then lawmakers owe it to their constituents to right this wrong and reform the PSC process.”

“Florida families and small business owners make up the overwhelming majority of FPL’s customers—we keep their business running. And yet, FPL has refused to come to the table with the intervening parties who represent us. Just last week, FPL filed its settlement agreement prioritizing corporate customer interests while excluding residential customer advocates from negotiations,” said Maria Claudia Schubert-Fontes, Climate Justice Program Manager, Catalyst Miami. “Our state has the highest property insurance rates in the country, plus some of the highest rents and lowest wages—we can’t afford higher utilities too. We’re tired of FPL giving us “energy saving tips” while they charge us more to benefit their shareholders.”