TALLAHASSEE, Fla. (AP) — State regulators are approving another rate hike for Florida Power & Light.

The Florida Public Service Commission on Tuesday approved a $318.5 million request by the state’s largest power company. The money will used to cover storm-related damage from Hurricane Matthew and to replenish the company’s storm reserve fund.

The PSC maintained that there was substantial damage caused by the storm in FPL’s service territory.

The rate hike will add $3.36 a month to the average residential bill. FPL has about 4.8 million customers in the state.

The increase will start showing up on March bills and will remain in place for a year.

State regulators last fall approved an $811 million rate hike sought by the electric utility. That hike increased the average residential bill about $7 a month.

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