AARP Florida Applauds State Senator Gaetz’s Bill to Strengthen State Utility Regulation

TALLAHASSEE, Fla. – AARP Florida applauds State Senator Don Gaetz’s proposed bill (SB 354), which aims to strengthen state utility regulation, increase transparency, and hold utility companies accountable for how they set rates. If passed, this legislation would help ensure fairer electricity pricing for millions of Floridians, particularly seniors on fixed incomes.

SB 354, heard today in the Regulated Industries Committee, would:

• Require the Public Service Commission (PSC) to set a utility’s return on equity (ROE) as close as possible to a “risk-free” rate of return.
• Expand the PSC from five to seven members, ensuring that one is a Certified Public Accountant (CPA) and another a Chartered Financial Analyst (CFA) for stronger financial oversight.
• Mandate an annual PSC report detailing executive compensation, including salaries, stock options, bonuses, and stock buybacks at utility companies.

According to Zayne Smith, Senior Director of Advocacy for AARP Florida, this bill is a monumental step toward reining in utility companies and putting power back in the hands of consumers.
 
"Floridians are tired of skyrocketing electric bills while utility company profits soar. SB 354 would inject much-needed transparency into the rate-setting process, hold utilities accountable, and help ensure that every rate increase is fully justified. This is long overdue, and AARP applauds Senator Gaetz bringing forth this bill.”