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Continue to work towards a closing date of October 2018 to <br />bring lower electric bills to Vero Beach customers <br />Next Steps <br />• COVB negotiations <br />— Letter of Intent presented to City Council on May 16, 2017; LOI is <br />non-binding but allows negotiations, due diligence and FMPA <br />approvals to begin <br />— Draft a Purchase and Sale Agreement to share with COVB attorneys <br />in next few weeks <br />• FMPA member approvals <br />— Once LOI is executed by the parties, FMPA can begin working with <br />member cities to gain their approval <br />• Preparation of regulatory filings <br />— FPSC and FERC regulatory approvals will be done in parallel <br />5 <br />led <br />r <br />FPL <br />FPL looks forward to the opportunity to serve Vero Beach <br />electric system customers <br />Florida Power & Light Company <br />• Rates among the lowest in the state and nation <br />— Typical residential bill about 25% lower than latest national average <br />— About 20% lower than the City's current typical residential customer <br />bill <br />• Best -in -class reliability <br />• Award-winning customer service <br />— Ranked highest in customer satisfaction among large utilities in the <br />South by J.D. Power in 2016 <br />• One of the cleanest emissions profiles in the U.S. <br />— FPL's CO2 emissions rate is about 30% cleaner than the national <br />average <br />• Advancing cleaner solar energy <br />— Nearly 2,100 megawatts of new solar from 2017 —2023 <br />— Includes two solar energy centers in Indian River County totaling <br />nearly 150 megawatts, projected to come online next year p <br />6 <br />FPL <br />3 <br />