Duke Energy Florida files to refund customers $56 million annually in federal corporate tax savings

Rhea-AI Summary

Duke Energy Florida has proposed a residential rate decrease of $1.90 per 1,000 kilowatt-hours starting January 2023, passing on $56 million in annual corporate tax savings to customers. This initiative stems from the changes in production tax credits due to the Inflation Reduction Act. Duke Energy serves 1.9 million customers across Florida and is committed to a clean energy transition with goals of net-zero methane emissions by 2030 and net-zero carbon emissions by 2050.

Positive

• Proposed residential rate decrease of $1.90 per 1,000 kilowatt-hours from January 2023.
• Annual corporate tax savings of $56 million to be passed on to customers.

Negative

• None.

• If approved, residential rates will decrease $1.90 per 1,000 kilowatt-hours in January as compared to recently announced rates

ST. PETERSBURG, Fla., Oct. 17, 2022 /PRNewswire/ -- Duke Energy Florida is proposing to pass on $56 million dollars of corporate tax savings annually to customers.

"We understand our customers need some relief, and this is an opportunity for Duke Energy to pass tax savings to our customers," said Duke Energy Florida State President Melissa Seixas. "We will continue to look for creative solutions to provide relief and focus our efforts to deliver the best possible service."

As a result of the Inflation Reduction Act, there is an immediate impact to Duke Energy Florida involving changes to the production tax credits (PTCs) associated with solar investments.

Duke Energy Florida proposes to adjust base rates starting with the first billing cycle of January 2023. 

Duke Energy Florida                                      

Duke Energy Florida, a subsidiary of Duke Energy, owns 10,300 megawatts of energy capacity, supplying electricity to 1.9 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Media contact: Ana Gibbs
Cell: 813.928.7263
Media line: 800.559.3853
Twitter: @DE_AnaGibbs

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SOURCE Duke Energy