The approximately 300-mile-long underground natural gas pipeline had been proposed to reduce the state's dependence on natural gas from the Gulf of Mexico. It would have drawn from inland natural gas sources in Texas, Louisiana, and Arkansas. The proposed pipeline's route extends primarily through existing rights-of-way in up to 14 eastern counties -- from Bradford County in the state's northeast corner to Martin County in the southeast. The move followed a decision by the Florida Public Service Commission (PSC) to reject a base rate increase proposed by FPL. The rate increase, according to the company, would have lowered customers' total bills while facilitating investments in EnergySecure and other projects.

The PSC's negative decision "was about politics, not economics, and unfortunately it comes at a time when our state urgently needs jobs and investment," said FPL Group Chairman and CEO Lew Hay. "In addition, the decision will likely increase customer costs and diminish reliability over the long term because the commission failed to recognize the true cost of providing reliable service to customers."

Hay added, "Historically, Florida has enjoyed a constructive regulatory environment, which has allowed us to invest billions of dollars to benefit FPL customers while having reasonable confidence that our investors would be allowed to earn fair returns."

According to FPL, the Florida EnergySecure project would have created 3,500 new construction jobs, generated more than $400 million in property tax revenue, and directly or indirectly create more than 7,500 jobs during operations.