TALLAHASSEE, Fla. (AP) – State regulators have given Florida Power & Light permission to invest up to $500 million a year in natural gas drilling projects and to pass those costs onto customers.
The Florida Public Service Commission unanimously approved guidelines Thursday to allow FPL to invest further in natural gas drilling projects. This allows the company to charge its more than 4.7 million customers for the investment over a 30-year period.
The company had been asking for a $750 million cap. The commission approved a $191 million investment in Oklahoma last year.
FPL has said the investment would help it stabilize fuel prices and save its customers money in the long haul.
Opponents have argued that the natural gas wells may not produce enough natural gas to justify the expense and have warned against the possible environmental problems caused by fracking.