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Vero Beach FPL Deal Ok’d

Vero Beach FPL Deal Ok'd

Vero Beach FPL Deal Ok’d

VERO BEACH — The City Council on Tuesday agreed to sell the city’s electric system to Florida Power & Light Co. 

It will be at Vero least a year before Vero electric customers receive any benefit from the deal.

After 3½ hours of discussion council members approved FPL’s $185 million offer.

The $185 million includes a $20.4 million buyout of the city utility’s debt, $20 million to end the city’s power-purchase contracts with Orlando Utilities Commission and $108 million to end the city’s contractual agreements with the Florida Municipal Power Agency, a statewide power co-op.

Vero Beach also gets about $36.6 million in cash.

The deal is expected to close in October 2018.

 

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