NextEra Energy Inc. (NYSE: NEE) won approval from Florida regulators for its utility to skip the middleman and drill for its own natural gas.

The state’s Public Service Commission ruled the proposal from Florida Power & Light (FP&L) was prudent at a meeting in Tallahassee on Dec. 19.

FP&L wants to invest $47.7 million next year in a joint venture with Petroquest Energy Inc. (NYSE: PQ) to develop as many as 15 wells in southeastern Oklahoma’s Woodford Shale. The vote was 4-1, according to commission records.

“This contract is an effective form of hedging,” Commissioner Eduardo E. Balbis said before the vote. Owning gas is cheaper for customers than buying a financial contract to protect against price fluctuations.

The arrangement is a first for regulated utilities seeking to lock in lower gas prices amid a glut in the fuel from shale production. NextEra has said it may consider acquiring stakes in gas fields to meet half of the utility’s need for the fuel. Duke Energy Corp. (NYSE: DUK), the largest U.S. utility owner, has said it’s also interested in gas-field investment.

Florida’s official consumer advocate has said the gas field is “a speculative investment” and consumers would be left on the hook if it fails. The risk is too high for what it estimated as a savings to customers of 2 cents a month over 50 years, the Office of Public Counsel said in a filing.

The state has yet to approve the 30-year contract with Petroquest that calls for a $191 million investment in 38 wells, or FP&L’s request to drill for a quarter of its gas supply.

Those decisions are scheduled for March, Commission Chairman Art Graham said during the meeting. Graham cast the sole vote against the proposal.