NextEra Energy Inc (NEE)

[eFinanceMarkets]

$NEE NextEra Energy's (NEE +0.9%) Florida Power & Light unit says it will apply federal tax savings toward the expected $1.3B cost of Hurricane Irma restoration and will not need to raise rates this year to pay for the work.

FPL previously said it would attempt to recoup Irma-related restoration costs through a surcharge on customer bills through 2020.

FPL says it may be able to use future federal tax savings to continue operating under the current base rate agreement beyond the initial term for up to two additional years through the end of 2022.

Now read: NextEra: Dividend Hike Ahead »