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ORDER NO. PSC -2023 -0354 -PCO -EI <br />DOCKET NO. 20230017 -EI <br />PAGE 2 <br />interest. FPL filed its petition pursuant to the provisions of the 2021 Settlement Agreement (2021 <br />Settlement) we approved in Order No. PSC -2021 -0446 -S -EI.' <br />On September 5, 2023, FPL filed a supplemental petition to reduce the interim storm <br />surcharge based on its internal review and finalization of the invoices and storm costs associated <br />with Hurricanes Ian and Nicole. As a result of this internal process, the estimated incremental <br />storm restoration cost related to the two storms decreased from the original estimate of $1.3 <br />billion to $1.1 billion. Thus, the total estimate reflected in the alternative storm charge <br />calculation decreased from $1.5 billion to $1.3 billion. FPL has proposed amended reduced <br />interim storm restoration charges applicable to all rate classes, effective with the first billing <br />cycle of January 2024 and continuing through March 2024, subject to a final true -up. <br />We have jurisdiction over this matter pursuant to Sections 366.04, 366.05, 366.06, and <br />366.076, Florida Statutes. <br />Decision <br />FPL filed a supplemental petition to reduce the interim storm surcharge based on its <br />internal review and finalization of the invoices and storm costs associated with Hurricanes Ian <br />and Nicole. As a result of this internal process, the estimated incremental storm restoration cost <br />related to the two storms decreased from the original estimate of $1.3 billion to $1.1 billion. <br />Thus, the estimate of total costs reflected in the alternative storm charge calculation decreased <br />from $1.5 billion to $1.3 billion. Included in that total is FPL's request to replenish the storm <br />reserve to the pre -storm level of $219.9 million. <br />The initial interim petition was filed pursuant to the provisions of the 2021 Settlement we <br />approved in Order No. PSC -2021 -0446 -S -EI. Storm restoration costs for Ian and Nicole were <br />incurred during the term of the 2021 Settlement. Based on the updated estimates for the two <br />storms, the current interim storm surcharge would result in an over -recovery of approximately <br />$200 million if allowed to remain effective through March 2024. <br />The approval of an interim storm restoration recovery charge is preliminary in nature and <br />is subject to refund pending further review once the total actual storm restoration costs are <br />known. After the actual costs are reviewed for prudence and reasonableness, and are compared to <br />the actual amount recovered through the interim storm restoration recovery charge, a <br />determination will be made whether any over/under recovery has occurred. The disposition of <br />any over/under recovery, and associated interest, will be considered by us at a later date. <br />However, we find it appropriate to amend the interim storm surcharge to reflect the known and <br />measurable changes identified by the Company in advance of the final disposition. <br />Based on a review of the information provided by FPL in its supplemental petition, we <br />authorize the Company to implement an amended interim storm restoration recovery charge <br />'Order No. PSC -2021 -0446 -S -EI, issued December 2, 2021, in Docket No. 20210015 -EI, In re: Petition for rate <br />increase by Florida Power & Light Company. <br />61Z <br />