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Florida Power & Light Co gets PSC approval to phase in new rates

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Oct 26 (Reuters) - NextEra Energy's Florida Power & Light Co said on Tuesday the state's Public Service Commission approved its four-year rate settlement agreement that should benefit customers by keeping their bills low while the company boosts its clean energy investments.

The agreement will phase in new rates starting next year, directly supporting the largest solar build-out in the United States, including 16 million solar panels across over 50 new sites, enough to power about 1 million homes, FPL said.

"FPL's typical 1,000-kWh residential customer bill is expected to grow from 2021-2025 at an average annual rate of 2.8% and remain well below the national average," the company said.

It added that typical FPL business customer bills are expected to remain below the national average and grow at an average annual rate of 1.6% to 3.4%, from 2021-2025 depending on rate class.

FPL said the deal is a step towards the company's plan to install 30 million solar panels in Florida by 2030.

The agreement also supports the company's green hydrogen pilot project in Okeechobee County and FPL Manatee Energy Storage Center, an integrated solar-powered battery system that's projected to begin serving customers later this year.

The agreement was also signed by Vote Solar, The CLEO Institute and Federal Executive Agencies, as per the statement. (Reporting by Ashitha Shivaprasad and Swati Verma in Bengaluru; Editing by David Gregorio)

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