FL S0354

Expands the Florida Public Service Commission from 5 to 7 members, requiring one be a certified public accountant and one a chartered financial analyst

Requires the commission to keep allowable return on equity for public utilities close to the risk-free rate of return, with upward deviations specifically justified by the utility, and mandates an annual report to the Governor and Legislature by March 1 analyzing rate models, executive compensation, and cost impacts to customers

Requires all commission orders to contain specific facts and rationale supporting conclusions, including reasoned explanations when accepting or denying settlement agreements that affect substantial interests

Mandates that improvements in utility storm protection plans have forecasted customer benefits exceeding forecasted costs, and adds consideration of previously approved plan performance in reducing outage times and restoration costs

Establishes a "qualifying nonprofit organization" definition for water/wastewater utility exemptions, requiring open elections, term limits of 36 months for board members, 75% member composition on governing boards, and a member petition process for board nominations, with a commission process to disqualify organizations that fail to meet criteria