Florida Power & Light’s pending $185 million acquisition of Vero Beach’s city-run utility has run into challenges. The Florida Public Service Commission on June 5 gave approvals needed for the deal, which FPL said at the time it hoped to close Oct. 1.
But the Public Service Commission, in a filing Wednesday, said four challenges have been submitted and will require a two-day hearing starting Oct. 10.
The Civic Association of Indian River County, the Florida Industrial Power Users Group and Vero Beach residents Michael Moran and Bill Heady separately requested hearings related to the Public Service Commission approvals, which included authorizing FPL to charge its rates to the Vero Beach utility’s customers.
The deadline to file a challenge was Monday. The civic association submitted its complaint on Friday. The other three came in Monday. The deal has been in the works for more than a decade. The approvals in June came with the state Office of Public Counsel, which represents consumers in utility issues, announcing it did not oppose the deal and would not file an objection. Under the plan, $116.2 million of the deal is considered above the value of the assets being acquired, which could be factored into future ratemaking.
Reposted with permission from The News Service of Florida