Florida regulators on Monday halted public hearings on Florida Power & Light Co.’s closely watched base-rate case after the state’s largest utility said it had reached a “settlement in principle” with a coalition of business and industrial customers. The Florida Public Service Commission voted to suspend the proceedings, which had been set for two weeks, while the parties work to turn the outline into a formal agreement. FPL’s filing seeks to raise base rates by a combined $9.8 billion over four years, including increases of $1.545 billion in 2026 and $927 million in 2027, with additional pass-through costs for solar and battery projects in 2028-29. Analysts estimate the proposal could lift residential bills by as much as $21 a month for the utility’s roughly 12 million customers, making it one of the largest rate hikes ever pursued by a U.S. power company. The utility is expected to submit full settlement details by Aug. 20, after which the commission intends to hold a new hearing later this year. Consumer advocates—including the state Office of Public Counsel and AARP Florida—have not joined the accord and argued for continued cross-examination to protect ratepayers’ interests. Commissioners said the pause would not compromise due-process rights but acknowledged that approval of any final pact will hinge on public scrutiny.