TALLAHASSEE, Fla. (AP) — State regulators are signing off on rate hikes for Tampa Electric customers.
The Florida Public Service Commission on Wednesday approved a rate hike that would be spread out over three years. It's smaller than what the company initially wanted.
The largest portion of the increase will take effect this November followed by increases in November 2014 and November 2015.
The average residential customer will pay $5.68 more a month — a 5.5 percent increase — starting this year. The two additional increases will add $1.55 a month to bills.
Regulators, however, have been asked to approve another increase for fuel costs. The PSC is scheduled to hold hearings on the request in November.
Tampa Electric serves nearly 700,000 customers in Hillsborough and portions of Polk, Pasco, and Pinellas counties.