FPL Finishes Deal for Vero Beach Utility
After years of debate and negotiations, Florida Power & Light said Monday it has completed a $185 million deal to acquire the city of Vero Beach’s electric utility. FPL said it will provide service to about 35,000 customers in Vero Beach and other areas of Indian River County.
The state Public Service Commission on Nov. 27 gave final approvals for the deal, which FPL says will lead to lower electric bills for the former Vero Beach utility customers. “After nearly a decade of work together, we were able to overcome every obstacle and help the city achieve its goal of reducing electricity costs,” FPL President and Chief Executive Officer Eric Silagy said in a prepared statement Monday.
“We will work hard each and every day to provide our new customers with affordable, reliable and clean energy — just as we do for all of the 5 million customers we serve across half of Florida.” Utility service has long been a heavily debated issue in Indian River County, with the Vero Beach utility serving some unincorporated areas of the county and part of the town of Indian River Shores.
FPL has served other areas of the county. The Public Service Commission last month approved ending what is known as a “territorial agreement,” which divvied up the county between the city utility and FPL. The commission also approved FPL being able to charge its rates to the customers absorbed from the city utility.
Reposted with permission from The News Service of Florida