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The report demonstrates how the Florida Public Service Commission, which regulates the state's utilities, and Florida Power & Light, the state's largest electric company, have worked to avoid a review of FPL's rates. Such a review may have led to a reduction in power bills for millions of Floridians in past years. Instead, regulators have allowed FPL to use accounting measures - such as accelerated depreciation and amortization schedules - to reduce its paper profits. Without the measures, FPL's profits, would have exceeded the cap and triggered a rate review.