Published: Oct 12, 2010 5:47 PM EDT
Updated: Oct 12, 2010 2:48 PM EDT

TALLAHASSEE, Fla. (AP) - The state Public Service Commission is considering a staff recommendation for Florida Power & Light Co. to set aside $400 million for possible refunds due to excess profits.

The panel's agenda Tuesday also includes recommendations to approve an agreement with FPL to freeze base rates through 2012 and let Progress Energy Florida continue charging customers a recovery rate for building a proposed nuclear power plant in Levy County.

Staffers say FPL had profit rates of 11.28 percent and 11.43 percent in May and June. Both topped the 11 percent maximum the commission set in rejecting a rate increase in January.

Company officials say the excess earnings were temporary due to hotter-than-normal weather that increased demand.