March 18, 2019
Please attribute the following comment to AIF President & CEO Tom Feeney regarding the Financial Impact Estimating Conference (FIEC) indeterminate findings that the proposed constitutional amendment would have on the deregulation of the electric industry in Florida.
“The proposed electricity deregulation amendment would completely dismantle Florida’s existing electricity market, increasing electric rates for Florida consumers and businesses, and force us to rely on new, unknown corporations that have no experience or track record dealing with our state’s unique challenges, such as hurricanes.
“According to a study by Orlando-based Fishkind & Associates, electricity deregulation in Florida would cause a loss in government revenues of an estimated $1.2 billion per year. This figure does not account for numerous other costs we would anticipate, including delays in storm restoration, which could cost local governments hundreds of millions of dollars more.
“The FIEC is correct – the financial impact on state and local governments ‘cannot be determined at this time,’ but we know it would be significantly negative to our economy; and voters need to be aware independent economic studies demonstrate the cost for the average Florida consumer will go up.”