$30M FPL offer includes $3M from Shores

INDIAN RIVER SHORES — The deal isn’t quite done but it’s getting closer – Indian River Shores residents under Vero Electric could soon see their bills lower by switching to Florida Power & Light.

The Town Council voted Thursday to participate in FPL’s cash offer to buy out Indian River Shores’ portion of the Vero Electric utility. FPL would pay the City of Vero Beach $30 million and pass on a three-year surcharge (the Shores’ $3 million contribution) to new Indian River Shores customers transitioning from the Vero grid. The $30 million cash offer also includes the purchase of certain transmission lines and equipment.

Those in Indian River Shores already on FPL would not be assessed the surcharge.

“There can be no question that this is a serious offer,” Indian River Shores Mayor Brian Barefoot wrote in a statement released by the town, “and we are willing to do our part to make it succeed.”

Barefoot went on to say in the statement that, according to the town’s consultants’ analysis, “even with the temporary surcharge, those residents should receive FPL electric bills lower than they would otherwise pay to the Vero utility.”

FPL’s offer is expected to be discussed at the Aug. 16 Vero Beach City Council meeting.

“I encourage (Vero) City leaders to give this $30 million cash offer serious consideration,” Barefoot concluded.

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