Florida Public Service Commission approves new rates for 3 of state's largest utilities

IndustriesAssociated Press

Florida regulators are signing off on new rates for three of the state's biggest power companies that will result in some customers paying less.

The Public Service Commission on Wednesday approved cost recovery charges for Florida Power & Light, Gulf Power Company, and Tampa Electric Company. The new rates will take effect in January 2015.

Continue Reading Below

These charges include the amount of money that utilities are expected to pay for fuel in the coming year.

The PSC estimates that the average FPL customer will see a decrease of nearly $2 on their monthly bills, while average TECO customers should see a drop of about $1.14. Average Gulf customers will see their bills rise by $7.29.

State regulators will vote next month on charges for Duke Energy.