NextEra Energy Inc.’s Florida Power & Light unit said it plans to refund about $400 million in federal tax savings to its 5.8 million customers. The savings stem from a federal production tax credit (PTC) for the development of the company’s current stable of 50 operational solar power sites. FPL said it will provide a one-time, $25 million refund in January, plus it will phase in nearly $360 million in additional federal tax savings for future planned solar projects. “Federal tax savings will begin to provide some relief to customers next year as high natural gas prices continue to put upward pressure on bills,” Florida Power & Light CEO Eric Silagy said in a prepared statement. Shares of NextEra Energy are down 10.5% in 2022, compared to a 21.2% loss by the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.