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Background
The parties submitted this case fully stipulated pursuant to
Rule 122. The stipulated facts are incorporated by this
reference.
Florida Progress Corporation (petitioner) is a corporation
organized and existing under the laws of the State of Florida.
At the time of the filing of the petition, petitioner’s principal
place of business was located in St. Petersburg, Florida.
Petitioner operates Florida Power Corporation (Florida
Power), a public utility that provides electricity service to
approximately 1.3 million retail customers over 20,000 square
miles of central and northern Florida. Florida Power also
provides wholesale electricity to other electricity providers.
Petitioner and its subsidiaries, including Florida Power, filed
consolidated Federal income tax returns, reported income on a
calendar year, and used the accrual method of accounting during
all of the years in issue.
Florida Power is subject to the rules and regulations of
both the Florida Public Service Commission (FPSC) and the Federal
Energy Regulatory Commission (FERC). The FPSC regulates the
rates that Florida Power may charge its retail customers, whereas
the FERC regulates the rates that Florida Power may charge its
wholesale customers. Both the FPSC and the FERC allow Florida
Power to charge its customers a rate for electricity calculated
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Last modified: May 25, 2011