SB 354 Florida Senate · 2025 Regular Session

Florida Public Service Commission

Summary

Florida Public Service Commission; Revising the membership of the Florida Public Service Commission; requiring that orders issued by the commission contain adequate support for any conclusions made by the commission; requiring the commission to keep the allowable return on equity for public utilities close to the risk-free rate of return and require that upward deviations away from the risk-free rate be specifically justified by the public utility seeking a tariff modification; requiring that improvements included in certain transmission and distribution storm protection plans have forecasted customer benefits exceeding their forecasted cost, etc.

Issues: ✓ Energy

Bill status died 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 4, 2025 Last action Jun 16, 2025

Maddy AI version diff · 1 comparison

What changed between versions

S 354 Filed → S 354 c1 · 9 edits

MAJOR

This bill significantly strengthens oversight of Florida's Public Service Commission by increasing its membership requirements, mandating detailed reasoning in all commission orders, and requiring the commission to keep utility returns on equity close to the risk-free rate. It also creates new reporting requirements for utility executive compensation and storm protection plan costs, while expanding protections for qualifying nonprofit organizations.

Scope change

The bill expands the Public Service Commission's jurisdiction and oversight requirements, adds new statutory sections for commission procedures and nonprofit organization protections, and updates cross-references to align with new definitions.

REQUIREMENT

Increased PSC membership from five to seven commissioners, requiring one to be a certified public accountant and one to be a chartered financial analyst.

New requirement that all PSC orders must contain adequate support with specific facts and factors backing conclusions, plus detailed explanations for settlement agreements.

Creates new annual reporting requirement for PSC to submit detailed analysis of utility returns, economic impacts, executive compensation data, and benchmarking with other states.

Requires storm protection plan improvements to have forecasted customer benefits exceeding forecasted costs, with specific review factors for reliability and feasibility.

FISCAL

Mandates PSC to keep allowable return on equity for public utilities close to the risk-free rate and require specific justification for any upward deviations.

DEFINITION

Defines 'qualifying nonprofit organization' with specific criteria including member control, election requirements, and board composition rules.

ENFORCEMENT

Creates new process for commission to initiate proceedings to determine if organizations meet qualifying nonprofit status, with notification requirements and appeal procedures.

TIMELINE

Updates rule adoption deadlines from October 31, 2019 to October 31, 2025 for storm protection plans, and July 1, 2026 for nonprofit disqualification proceedings.

ELIGIBILITY

Updates cross-references in multiple statutes to align with new section numbers and definitions for utility classifications and nonprofit exemptions.

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 14, 2025

Upper · Passed

Now in Appropriations Committee on Agriculture, Environment, and General Government

upper

Mar 14, 2025

Upper · Passed

Pending reference review under Rule 4.7(2) - (Committee Substitute)

upper

Mar 7, 2025

Upper · Passed

On Committee agenda-- Regulated Industries, 03/12/25, 8:30 am, 412 Knott Building

upper

Mar 4, 2025

Introduced

upper

Feb 3, 2025

Committee

Referred to Regulated Industries; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy

upper

1 primary · 0 co-sponsors