NextEra Energy's Florida Power & Light Directs Tax Benefits to Hurricane Costs, Averting Surcharge

Florida Power & Light Co., a unit of NextEra Energy Inc. and the state's largest investor-owned utility, intends to use federal tax benefits to cover expenses tied to Hurricane Irma.

Earlier, the company had said it would seek to recoup an estimated $1.3 billion in Hurricane Irma-related restoration costs through a surcharge on customer bills through 2020.

Because of the federal tax benefits, the company said Tuesday it wouldn't need to raise rates this year to pay for the restoration work. Tax benefits in future years, the company said, may allow it to continue operating under the current base-rate agreement, potentially through the end of 2022.

NextEra is slated to report fourth-quarter results on Jan. 26.

Write to Maria Armental at

(END) Dow Jones Newswires

January 16, 2018 17:21 ET (22:21 GMT)