A legislative proposal aimed at curbing the profits earned by Florida utility companies through customer electricity rates did not pass during the recent legislative session, which concluded Friday.
The measure, Senate Bill 354, failed early in the process. Its sponsor, Sen. Don Gaetz, attributed its demise to behind-the-scenes lobbying efforts by powerful utility interests in the state. He described the bill as "dead as a doornail" in the session's final days.
The bill would have represented a sea change for companies such as Duke Energy, Florida Power & Light, and Tampa Electric. It proposed linking utility shareholder profits more closely to the rate of a 10-year Treasury note, which is significantly lower than rates utilities were approved to earn last year.
Further provisions of the bill included expanding the five-member Florida Public Service Commission, which regulates utilities, by adding two members with required financial expertise. It also sought to mandate detailed reports from utility companies disclosing executive compensation.
Utilities reportedly engaged in a "full-court press" against the bill, working primarily outside public view, according to Sen. Gaetz. Records show both Duke Energy and Florida Power & Light were registered to lobby on the House version of the proposed legislation.
Asked about the company's lobbying, Duke Energy spokesperson Ana Gibbs stated the company "reviews a wide variety of bills throughout session" and "is consistently looking for creative ways to reduce rates and provide financial relief to our customers." Florida Power & Light declined to comment, while Tampa Electric spokesperson Jennifer Hall said the company stays informed on legislation affecting operations and collaborates with policymakers.
Sen. Gaetz filed the bill following concerns from constituents about rising electricity costs after a utility merger in his Panhandle district. He indicated plans to reintroduce the proposal in the next session.
In related news, Duke Energy announced organizational changes within its Ohio and Kentucky operations following the retirement of Rhonda Whitaker Hurtt after 33 years with the company. Whitaker Hurtt served as vice president of Community Relations for the region.
Amy Spiller, president of Duke Energy/Ohio and Kentucky, stated the company was grateful for Whitaker Hurtt's commitment. The changes, effective May 1, involve Marion Byndon assuming the role of Director, Government & Community Relations, with other managers taking on new or expanded responsibilities.
Zayne Smith, senior director of advocacy at AARP Florida, expressed disappointment in the outcome of SB 354, calling it a meaningful step toward transparency and fairness in rate setting during a time of rising energy bills.
