Senators Back Changes at PSC

Article reposted with permission from The News Service of Florida.

A Senate committee Wednesday approved a bill that would expand the Florida Public Service Commission from five to seven members and place additional requirements on the commission in utility rate cases. The Senate Regulated Industries Committee voted 5-2 to approve the bill (SB 354), sponsored by Sen. Don Gaetz, R-Niceville. In part, the bill would expand the utility regulatory commission from five to seven members and require that one member be a certified public accountant and another be a chartered financial analyst. The bill also would add requirements related to commission decisions on how much money utilities can earn through what is known as a return on equity. Zayne Smith, senior director of government relations for AARP Florida, told the committee that the bill comes after the commission has approved high returns on equity, which increases costs for customers. “This is a chance to rein that in,” Smith said. The bill would need to clear two more Senate committees before it could go to the full Senate. A House version has not been filed.