Senate Bill 354, aimed at reforming the Florida Public Service Commission, sparked significant discussion during the Committee on Regulated Industries meeting on March 12, 2025. The bill, championed by Senator Gaetz, seeks to enhance accountability and transparency in utility rate-setting processes, addressing concerns raised by the Chief Justice of the Florida Supreme Court regarding the Commission's approval of rate increases without adequate justification.

Key provisions of the bill include expanding the number of Public Service Commissioners from five to seven, mandating that at least one commissioner be a certified public accountant and another a chartered financial analyst. This change aims to ensure that the Commission possesses the necessary financial expertise to evaluate complex utility rate filings effectively.

Senator Gaetz emphasized the need for the Commission to provide clear, evidence-based justifications for any rate increases, stating, "Rates justified by facts, no black hole, that's the Bill." The proposed legislation also introduces a structured schedule for when utilities can request rate changes, aiming to prevent utilities from strategically timing their requests based on market conditions.

Additionally, the bill outlines new requirements for nonprofit water and wastewater utilities, mandating transparency and fair elections to remain exempt from Commission oversight. It also establishes a process for these utilities to resolve complaints internally before escalating them to the Commission.

The discussions highlighted the importance of having commissioners with relevant financial backgrounds to scrutinize the information presented by utilities, ensuring that decisions are made based on sound analysis rather than assumptions. As the bill moves forward, it promises to reshape the landscape of utility regulation in Florida, potentially leading to more equitable rates for consumers.