Due to the economic impacts of COVID-19, Gulf Power announced this week they plan to lower customers bills by 40% in May.
In a press release March 30, the utility said current lower fuel costs will allow for the reduction. Subject to Florida Public Service Commission approval, beginning May 1, Gulf Power plans to issue a one-time decrease of approximately 40% for the typical residential customer bill as a result of lower fuel costs.
“At Gulf Power, we understand how critical it is – particularly at a time like now – for you to have the reliable service that you count on, each and every day. We also understand that, at this moment, savings on your bill can be especially valuable,” said Gulf Power President Marlene Santos in a press release. “While traditionally these types of savings are spread out, we know that many people in our communities are struggling right now and every penny counts. We want to do what we can to keep as much money as possible in our customers’ pockets, and we believe this is the best way to provide customers with much-needed money as we all navigate through this difficult and unsettling time together.”
In Florida, fuel savings are typically refunded to customers over the remainder of the year to provide level, predictable bills. However, given the emergent and significant financial challenges facing many customers due to COVID-19, Gulf Power will instead seek to give customers the total annual savings in their May bill. Business customers will also see a significant one-time decrease in May, depending on usage and rate class.