11558052, 25-6.097 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11558052

Notice of Proposed Rule

Department:

PUBLIC SERVICE COMMISSION

Chapter:

ELECTRIC SERVICE BY ELECTRIC PUBLIC UTILITIES

Overview

RULE:

25-6.097

Customer Deposits

PURPOSE:

The interest rate applied to customer deposits of electric utilities would be changed to a minimum interest rate of 2 percent per annum, and 3 percent per annum for non-residential customers when the utility elects not to refund such a deposit after 23 months. 
Docket No. 120125-PU

SUMMARY:

The current interest rates required on customer deposits are higher than justified by current credit and capital markets.  The minimum interest rate is changed to 2 percent per annum, and to 3 percent per annum for non-residential customers when the utility elects not to refund such a deposit after 23 months.  Currently, the minimum interest rates are set at 6 percent and 7 percent per annum, respectively.  The utilities must apply the revised interest rates within 45 days of the effective date of the rule.

RULEMAKING AUTHORITY:

350.127(2), 366.05(1), F.S.

LAW:

366.03, 366.041(1), 366.05(1), 366.06(1), F.S.

PRINT PUBLISH DATE:

6/1/2012 Vol. 38/22

COMMENTS:

From 6/1/2012 To 6/22/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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