The Vero Beach City Council approved an agreement to sell its electrical system to the Florida Power & Light Company last fall. As of now, the Florida Power & Light Company is working hard towards the purchase of City of Vero Beach electric system. When the purchase goes through, residents of the City of Vero Beach become FPL customers. That date is currently anticipated as October 1, 2018.
The Florida Power & Light Company currently serves more than 10 million Floridians across the state. As a result of this purchase, Vero Beach residents can expect to start seeing electric bills among the lowest in the nation.
The purchase agreement details entail:
- Covering the estimated cost for the City to exit all Florida Municipal Power Agency (FMPA) obligations
- Also covering the cost to exit the City’s wholesale power agreement with Orlando Utilities Commission
- Paying off the City’s electric utility bonds
- A cash payment directly to the city of $36.6 million
- The agreement to build us a new substation and dismantle the City’s existing substation
- Extending employment to all qualified Vero Beach electric system employees
What To Expect From The Florida Power & Light Company Deal
At the moment, they’re working through the red tape of regulatory approvals needed to complete the sale. There should be no hassles to residents when this closing happens. Vero Beach residents won’t need to contact FPL to open an account. Customer info will automatically transfer. You’ll just be notified of your new account number. Your first bill from the Florida Power & Light Company will come sometime in October, 2018.
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