Florida Utilities Can Use Federal Tax Savings for Storm Costs

Two Florida utilities can use savings from the federal tax overhaul to cover restoration costs after recent hurricanes, without raising customers’ electric bills, a state commission said.

The Florida Public Service Commission on May 21 approved settlement agreements for Duke Energy Florida LLC and Tampa Electric Co. to lower storm restoration costs and standardize their processes for future storm restoration efforts.

• Duke Energy will use $484 million in savings from the 2017 federal tax law to cover restoration costs for Hurricanes Irma and Nate in 2017, as well as replenish its hurricane reserve fund, according to a statement from the ...