Florida Power & Light (FPL), the largest electric utility in the United States, said it has approval from the regulator to increase customers' base rates over the next four years, which critics say could cost consumers billions of dollars amid the country's affordability crisis.

Why It Matters

FPL serves about 12 million people, making it an influential force in the industry and potentially setting a precedent for other companies.

The increase comes after several years of high inflation, with the cost of living, notably groceries, remaining high for Americans and becoming a lightning rod for the administration of President Donald Trump, who campaigned last year on decreasing prices.

The average cost of electricity per kilowatt-hour in the U.S. rose to 18.8 cents in September, compared

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