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ORDER NO. PSC -2020 -0154 -PCO -EI DOCKET NO. 20200001 -EI PAGE 2 revisions to current fuel cost recovery levels are being driven by a significant decline in the market-based price for natural gas. Rule 25-6.0424(2), F.A.C., does not require an under - recovery or over -recovery of 10 percent for our approval of a mid -course correction. The monthly natural gas price at the time 2020 projections were filed in September 2019 was $2.56 per Million British thermal units (MMBtu).2 Four months later in January 2020, or in the first month when new rates of the 2020 clause cycle became effective, the monthly spot price was down 21 percent, falling to $2.02 per MMBtu. The forward prices currently being quoted on The New York Mercantile Exchange (NYMEX) for all months through the end of the third- quarter 2020, remain below $2.20 per MMBtu (at Henry Hub) as of April 10, 2020.3 These quoted spot market prices are lower than the utility -specific figures discussed below due to the addition of transportation and other costs to the utility figures. In .this proceeding, we are being asked to reduce the expected fuel and capacity costs to customers. Specific treatment of the projected fuel mid -course correction over -recoveries further described below varies by utility; however, all are requesting approval of an accelerated method for flowing back the projected over -recoveries of fuel and capacity charges to their respective customers. The "lump sum" approach of flowing back the projected over -recoveries is meant to aid in counteracting the adverse economic conditions resulting from the Coronavirus Disease 2019 (COVID-19) global pandemic.4 Throughout this order, we may refer to the mid -course correction dollars being flowed back to customers in a non-levelized manner as a "bill credit." However, the proposed approaches simply effectuate flowing back all or a majority of the mid- course correction amounts in one- or three-month timeframes, rather than the standard approach of spreading the total amount over all remaining months in a period. In this instance, the standard approach, including normal noticing timeframes, would be to flow back the total mid- course correction amount ratably over the June through December time period. Petitions On March 25, 2020, Tampa Electric Company (Tampa Electric) filed its Petition for Mid - Course Correction of its Fuel Cost Recovery Factors and Capacity Cost Recovery Factors (Tampa Electric Petition).5 Through its petition, Tampa Electric is seeking authorization to lower its currently -approved 2020 fuel and capacity cost recovery factors from June through December 2020, as well as issue line item bill credits in the months of. June, July, and August 2020. 'The spot price in this case is the current market price for natural gas that can be bought or sold for immediate delivery, quoted for Henry Hub. The historical prices reported herein were sourced from The U.S. Energy Information Administration, and can be located at: https://www.eia.gov/dnav/ng/hist/rngwhhdm.htm 3The New York Mercantile Exchange is a commodity futures exchange owned and operated by CME Group of Chicago. 4COVID-19 is a respiratory illness that can spread from person to person. For further information, please refer to The Florida Department of Health, at: http://www.floridahealth.gov/. 'Document No. 01597-2020.