Paying big for power

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FPL customers will see big rate increases.

TALLAHASSEE, Fla. (AP) - Unprecedented rate hikes are on the way for Florida's electric customers.

The Florida Public Service Commission has ruled that five utility companies can raise their rates to cover higher fuel costs.

The companies argued they needed an extra $3.3 billion to cover their soaring fuel expenses.

The average bill for Florida Power and Light customers will increase 18 percent to almost $109 a month, a $17 increase on a typical 1,000 kilowatt hours per month.

Progress Energy and Tampa Electric have similar increases coming down the pike.

Florida Power and Light spokesman Bill Swank says the company is not making a penny off of the rate hikes for higher fuel costs.

The new rates will take effect in January.

Copyright 2005 Associated Press. All right reserved. This material may not be published, broadcast, rewritten, or redistributed.

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