Lower Interest Proposed For Florida Utility Deposits
TALLAHASSEE, Fla. (AP) - A Public Service Commission proposal would lower interest rates that state-regulated Florida utilities pay on customer deposits.
PSC Chairman Ronald Brise said on Tuesday that utilities wouldn't be able to pocket the savings but would have to pass them on to all customers.
The proposal would reduce minimum annual interest rates on customer deposits from 6 percent to 2 percent for investor-owned electric, gas, water and wastewater utilities.
Interest rates on nonresidential customer deposits held after 23 months of continuous service would be cut from 7 percent to 3 percent. Some commercial customers pay millions in deposits.
Utilities, consumer advocates or others can seek a hearing before the commission takes final action.
The savings would be passed on by reducing capital costs that are used to help set base rates.
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