- 3 - 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 calculatedPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011