Florida Power and Lights (FPL) was approved to buy a coal-fired power plant in Jacksonville, FL and then close it.
In 1988, FPL signed a contract requiring that they buy electricity from Cedar Bay Plant until 2024. However, there is now cheaper power, so buying and shutting down Cedar Bay proved to be most cost effective for both FPL and its customers. This decision will save customers $70 million over the next ten years.
The deal had to be approved by a three-member panel of the Florida Public Service Commission. The original plan was denied because it would raise customers bills in the first few years (28 cents the first year per month and pennies after that).