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As FPL is the largest employer in the State of Florida, it is not uncommon to read about them not only for humongous rate increase requests but for salaries of their top executives. Lewis Hay, chairman and chief executive of NextEra Energy, collected $22.6 million, up from $19.6 million in 2010.
FPL likes to brag that it gives safe and reliable service to its 4.6 million Florida customers and holds power generating assets in 20 states. Back in 2007, it wanted to build a coal burning power plant in Moore Haven near the western edge of Lake Okeechobee. That request was turned down because of the probability that it would emit toxic chemicals into the lake as well as into the Everglades.
It changed its name a few years back to NextEra Energy to highlight its commitment to renewable energy. It owns two nuclear facilities, one of which is St. Lucie where Lake Worth owns two shares.
Recently they requested a $690.4 million rate increase with a settlement offer of $548 million through 2013 stating that they would be able to continue their high reliability, excellent customer service and low emissions allowing them to have a 10% rate of return on equity. The maximum allowable is 11%. The settlement is giving them cost recovery for $3 billion worth of power plants and shifting the costs to residential ratepayers.
When FPL presented its proposal for our business at City Hall on August 14, 2012, I didn't get any sense that they were the least bit excited about our business. They have 4.6 million customer accounts, 42,588 MW in operation, $25.3 billion in operating revenues and $53 billion in total assets. It was the least interesting of all the presentations.
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