Florida Power & Light and numerous groups and businesses have hammered out a proposed settlement that would increase base electric rates over the next four years—but not by as much as the utility originally sought.

The proposed settlement, filed Wednesday at the Florida Public Service Commission, would lead to increases of $945 million in 2026 and $766 million in 2027, according to the utility. FPL also would collect additional amounts in 2028 and 2029 for solar energy and battery storage projects.

FPL filed a proposal in February that sought increases of $1.545 billion in 2026 and $927 million in 2027, along with passing along costs in 2028 and 2029 for solar and battery projects. But on Aug. 8, three days before the Public Service Commission was scheduled to start a likely-contentiou

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