FPL to acquire Vero Beach Electric
VERO BEACH, Fla. (CBS12) —
Monday, Vero Beach Electric will become Florida Power and Light.
The City of Vero Beach plans to ink a deal with FPL for $185 million.
The deal impacts about 35,000 customers who will see the changes immediately.
According to the FPL website, The nearly $185 million agreement includes:
- Estimated cost for the City to exit all Florida Municipal Power Agency (FMPA) obligations: $108 million.
- Estimated cost to exit the City's wholesale power agreement with Orlando Utilities Commission: $20 million.
- Estimated cost to pay off the City's electric utility bonds: $20 million
- Cash payment to the City: $36.6 million.
- FPL will build a new substation to serve the City's customers and dismantle the City's existing substation at our cost.
- FPL will offer employment to all qualified Vero Beach electric system employees.
For current Vero Beach Electric customers, the company says they may receive two bills this month. The second will be a partial monthly bill from FPL.
If customers have an outage, contact FPL.