Short version: aiming to be signed by September 5th 2017, final FMPA approval by January 2018. Longer Version: at Tuesday’s City Council meeting both Florida Power and Light’s (FPL) and Florida Municipal Power Agency’s (FMPA) representatives together with Vero Beach’s lawyer brought the Council up to date on the progress of the sale. The numbers…
FPL’s offer to the City to buy the entire electric business was announced yesterday. Simply put, FPL is offering to pay $185 million leaving the City with $37 million in cash after the City pays to exit its contracts with FMPA ($108) and OUC ($20), and pays off electric business debt ($20). This should be…
Recently the Vero Beach City Council was asked to approve the sale of approximately 9% of Vero Beach Electric to Florida Power and Light for $30 million. The City Council effectively said, no, but it would consider an offer of $47 million. Where upon, Florida Power and Light said, we will stand by our offer…