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FILED 12/21/2022 <br />DOCUMENT NO. 12230-2022 <br />FPSC - COMMISSION CLERK <br />BEFORE THE FLORIDA PUBLIC SERVICE COMMISSION <br />In re: Petition for limited proceeding to DOCKET NO. 20220165 -El <br />approve refund and rate reduction resulting ORDER NO. PSC -2022 -0433 -TRF -El <br />from implementation of Inflation Reduction ISSUED. December 21, 2022 <br />Act, by Florida Power & Light Company. <br />The following Commissioners participated in the disposition of this matter: <br />ANDREW GILES FAY, Chairman <br />ARTGRAHAM <br />GARY F. CLARK <br />MIKE LA ROSA <br />GABRIELLA PASSIDOMO <br />ORDER APPROVING FLORIDA POWER & LIGHT COMPANY'S <br />IMPLEMENTATION OF THE INFLATION REDUCTION ACT <br />PROVISIONS <br />BY THE COMMISSION: <br />10 & <br />Florida Power & Light Company (FPL or Company) is an investor-owned utility <br />providing electric service to approximately 5.8 million customers in Florida, On September 23, <br />2022, FPL filed a petition requesting Commission approval of a refund and rate reduction <br />resulting from the Inflation Reduction Act (IRA or Tax Reform) that was signed into law on <br />August 16, 2022. Subsequently, on November 14, 2022, the Company filed an amended petition <br />which corrected an error in the calculation of the 2022 impact of the IRA. Subsequent to the <br />filing of our staff's recommendation on October 20, 2022, the Company made us aware of an <br />error in its petition and asked that the item be deferred from our November 1, 2022 Agenda <br />Conference. The Company's request is being made pursuant to Paragraph 13 of its 2021 <br />Settlement Agreement (2021 Settlement) approved on December 2, 2021, in Docket No. <br />20210015 -EV Paragraph 13 of the 2021 Settlement requires, in part, that the impacts of any tax <br />reform on base revenue requirements be adjusted for retail customers within 90 days of when the <br />tax reform becomes law. We have jurisdiction over this matter pursuant to Sections 366.05 and <br />366.06, Florida Statutes (F.S.). <br />DECISION <br />Effective January 1, 2022, the IRA expanded federal income tax benefits for renewable <br />energy by allowing owners of solar prqieets which begin construction before 2025 the option to <br />elect to receive Production Tax Credits (PTCs) instead of Investment Tax Credits (ITCs). FPL <br />'Order No. PSC -2021 -0446 -S -EI, issued December 2, 2021, in Docket No. 20210015-E1, In re: Petition fir rate <br />increase b ' v Florida Power & Light Cornpan.v; and Order No. PSC -2021 -0446A -S -El, issued December 9, 2021, in <br />Docket No. 20210015 -El, Petition for rate increase by Florida Power & Light Company. <br />