TALLAHASSEE, Fla. (AP) -- Customers of Gulf Power are going to start paying more on their power bills.
State regulators on Tuesday approved a deal with the Panhandle-based utility that allows rate hikes in 2014 and 2015.
Gulf Power has approximately 438,000 customers in eight counties in the Panhandle.
The settlement approved by the Florida Public Service Commission will raise the average residential bill $4.06 a month in January 2014 and then another $2.42 in January 2015.
Gulf Power wanted a nearly $91 million rate hike. But the company reached a settlement with the state's consumer advocate and large users to lower the amount requested to $55 million. The utility also agreed to spread out the hike over a two-year period.
Under the deal Gulf Power cannot ask for another rate hike until 2017.