Florida Public Service Commission unanimously Approves Florida City Gas Rate Case Settlement
Settlement includes a net savings to customers due to the Federal Tax Reform Law
MIAMI, March 27, 2018 /PRNewswire/ -- Florida City Gas is committed to Florida's economic development and meeting the growing energy demands of the region by continuing to make significant investments in modernizing its system and ensuring gas supply for future growth. The Florida Public Service Commission (FPSC) has unanimously approved the rate case settlement jointly developed by Florida City Gas, the Office of Public Counsel, and other parties to the case. Among other things, the $11.5 million approved revenues will be used to develop Florida's first liquefied natural gas (LNG) facility, an infrastructure solution that is expected to enable the company to maintain its high levels of service for the foreseeable future.
"Positive on so many levels, this agreement will help ensure that we have clean, safe, reliable natural gas service at affordable rates while at the same time creating local jobs," said Carolyn Bermudez, vice president of Florida City Gas.
With the proposed rate increase, the typical residential customer will experience an average increase of $1.45 per month or 5.3 percent. The settlement also reflects the $4.6 million net savings to customers as a result of Florida City Gas's implementation of federal tax reform legislation enacted in December 2017.
Additionally, the Florida City Gas rate case settlement establishes a storm reserve fund to adequately support restoration efforts for weather-related events.
"We applaud the work of all of the parties in the case and the constructive regulatory environment that enables us to continue investment in Florida," said Bryan Batson, president of Florida City Gas.
Florida City Gas has not requested a base rate increase in over 14 years. The FPSC is expected to issue a final order by mid-April and the new approved rate will become effective June 1.
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