NextEra Energy’s (NYSE:NEE) Florida Power & Light unit said Monday it will ask the state Public Service Commission to approve seeking recovery of $1.3B from customers of costs related to Hurricane Ian and Hurricane Nicole.

As part of FPL’s plan, customers would pay a temporary storm surcharge for 12 months, starting in April; the company said recovering the costs over a year rather than a longer time period reduces the risk of storm costs piling up on customer bills if there are additional hurricanes or severe weather events in 2023.

If the proposal is approved, FPL’s typical 1,000 kWh residential bill for customers in peninsular Florida would increase in April by ~10% compared to rates that were approved to take effect in February.

FPL also will seek to collect $2.1B over 21 months because of the volatility of natural gas prices in 2022, which it said would be partially offset by reducing the amount it expects to collect for 2023 gas costs by $1B due to a sharp drop in projected natural gas prices after 2023 projections were filed with the PSC in Q3 2022.

NextEra Energy (NEE) “boasts a diversified portfolio of electric generation assets that provide stable and predictable cash flows,” Bashar Issa writes on an analysis published recently on Seeking Alpha.