Progress Energy Agrees to Freeze Rate Increase For Florida Customers Until 2012

On May 10, 2010, it was announced by the Office of the Attorney General that Progress Energy of Florida has agreed to freeze rate cost for their Florida Customers.

Read the follow official news release to learn more.

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Bill McCollum
Attorney General

News Release

__________________________________________________________
Date of release: May 10, 2010

Attorney General, Public Counsel Reach Agreement with Progress Energy to
Freeze Rate Increases through 2012

TALLAHASSEE, FL – Attorney General Bill McCollum and Public Counsel J.R.
Kelly today announced that they have reached a settlement with Progress
Energy Florida on behalf of Florida consumers which will freeze base rates
for Progress customers through 2012.

“As Floridians work to make ends meet in this challenging economy, Progress
customers will know, as a result of our agreement today, that they won’t
have to worry about skyrocketing utility bills,” said Attorney General
McCollum. “Eliminating the concern over rising costs of electricity over
the next few years will certainly be a relief for many.”

The agreement will also cap the repair costs that customers might have to
pay in the event of any catastrophic storms, while allowing Progress
immediate access to the funds necessary to make any emergency repairs.
Under the agreement, each of the settling parties has the right to petition
for interim rate relief if Progress’ profitability falls outside of certain
financial benchmarks.

“We believe this is a great deal for ratepayers because they get the
certainty of knowing their base rates will be frozen for three years in the
midst of tough economic times,” said Public Counsel J.R. Kelly.

The Florida Retail Federation, Florida Industrial Power Users Group, White
Springs Agricultural Chemicals, Inc., and the Department of the Navy on
behalf of the Federal Executive Agencies were also parties to the settlement agreement, which was filed with the Public Service Commission(PSC) today.

The agreement is subject to approval by the PSC. A copy of the agreement is
available online at:

http://myfloridalegal.com/webfiles.nsf/WF/MRAY-85BJ9M/$file/JointMotion.pdf

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With today's economic difficulties, it is good to be well informed. So, if you have an unexpected increase in the cost of your power, and someone tells you that there been a recent rate increase refer them to this article.

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