This bill amends various sections of Florida Statutes to enhance the transparency and accountability of the Florida Public Service Commission (PSC). Key changes include increasing the number of commissioners from five to seven, with specific qualifications for two members, including a certified public accountant and a chartered financial analyst. The bill mandates that all PSC orders provide adequate support for their conclusions and require detailed explanations for accepting or denying settlement agreements. Additionally, it stipulates that the allowable return on equity for public utilities should remain close to the risk-free rate, with justifications for any upward deviations. The bill also establishes a schedule for rate change requests, requires an annual report to the Governor and Legislature on economic analyses related to rate changes, and mandates that storm protection plans demonstrate customer benefits that exceed their costs.

Further amendments focus on the regulation of nonprofit organizations and infrastructure funding. The bill outlines a process for the PSC to determine nonprofit status based on specific criteria, allowing organizations 90 days to address any concerns raised by the commission. If an organization fails to meet the criteria, it will be regulated as a utility, but can petition to regain nonprofit status after 24 months. Additionally, the bill modifies the Rural Infrastructure Fund to allow grants of up to 75% of project costs, or 100% for certain rural projects, and expands eligible infrastructure types. It also updates provisions related to the Municipal Solid Waste-to-Energy Program and customer liability waivers for regulated companies. The act is set to take effect on July 1, 2025.

Statutes affected:
S 354 Filed: 350.01, 366.06, 366.81, 366.82
S 354 c1: 350.01, 366.07, 367.022, 288.0655, 377.814, 624.105