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FPUA board approves $1.50 per 1,000 kWh PCA increase effective Jan. 1, 2025
Summary
The board approved staffs recommendation to raise the power-cost adjustment by $1.50 per 1,000 kWh, moving the PCA from negative $3 to negative $0.50, with an effective date of Jan. 1, 2025; staff said the change will help maintain the rate stabilization fund and provide time for customer notification.
Fort Pierce Utilities Authority approved a staff recommendation to change the Power Cost Adjustment (PCA) by $1.50 per 1,000 kilowatt-hours, bringing the PCA from negative $3 to negative $0.50 effective Jan. 1, 2025.
Barbara Mica, FPUA chief financial officer, presented the September FMPA forecast and projections of the rate stabilization fund. She explained that the staff recommendation balances recent under- and over-collections and allows a window for customer notification. "Staff today is recommending approval of a $1.50 increase to the PCA per 1,000 kilowatt hours, bringing the PCA level from a negative $3 to a negative dollar 50 and with that effective date of 01/01/2025," Mica said.
Board members discussed FMPA modeling changes and a new gas stabilization program that staff said is expected to moderate future volatility. A board member noted FPUA would remain well below investor-owned utility rate adjustments tied to storm recovery, and members voted to approve the change with unanimous roll-call votes in favor.
The change will be implemented with customer notifications ahead of the Jan. 1 effective date and tracked in monthly forecasts through May 2026.
