ATLANTA --- The financial advisor to Lake Worth, Fla., said yesterday that the city's electric utility system is worth much more than the bid offered by Florida Power and Light.

Earlier this month, the Juno Beachbased Florida Power submitted the only proposal to buy the system, which Lake Worth has sought to sell in order to reduce its customers' electric rates, currently the highest in the state. Under the privatization plan, the city would also defease its utility's outstanding power debt, estimated at $21.4 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.