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Rising Fuel Prices Cause Power Companies to Raise Rates

July 1st, 2008 by flanews

Some Floridians will soon pay more for electricity. The States Public Service Commission voted for a four percent rate increase for Progress Energy customers. The increase will cost an average user four bucks a month. A two percent rate hike will be added in August. The other half will be added August of 2009. The hike is the result of rising fuel prices. Cindy Muir a spokeswoman for the Public Service Commission said power companies will pass the cost on to customers, but wont profit off of the rate hike.

For fuel they do not make any money. This will not impact revenue. Its a dollar for dollar cost to the customer. They dont make any money on it. The customer is charged what theyre charged, Muir said.

The Commission is still discussing rate hikes for Florida Power and Light and the Florida Public Utilities Company.

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