On Wednesday, the state’s largest utility asked for approval from the Florida Public Service Commission to invest in natural gas drilling projects in southeastern Oklahoma.
Florida Power & Light estimates overall savings for customers of as much as $107 million over the next three decades, through investments in natural gas production at the source as opposed to paying full market price.
“With a growing fleet of cleaner, fuel-efficient natural gas-fired power plants and contracts for reliable and diverse gas transportation in place,” said FPL president and CEO Eric Silagy in a statement.
“We believe this to be the next logical step in providing clean electricity for our customers at affordable prices.”
The Juno Beach energy giant has requested the PSC approve rules for future natural gas production projects, where the company can take advantage of natural gas investment opportunities.
As reported in the Palm Beach Post, requests include authorization to spend $68 million for natural gas exploration through a partnership with PetroQuest Energy, Inc., in 38 wells in Oklahoma’s Woodford shale.
PetroQuest would both administer and operate the wells.