Duke Energy Florida files to save customers approximately $8.50 monthly due to lower fuel prices

Rhea-AI Summary

Duke Energy Florida has announced an adjustment to its fuel and capacity rate request due to declining natural gas costs, resulting in a projected monthly savings of approximately $8.50 for residential customers. If approved, the new rate will take effect in April 2023, lowering the monthly bill for an average user of 1,000 kWh to $190.56. Additionally, commercial and industrial clients will benefit from reductions ranging from 5% to 9%. This initiative reflects the company's commitment to providing cost relief amidst financial pressures faced by many families.

Positive

• Monthly savings of approximately $8.50 for residential customers.
• Commercial & industrial customers benefit from 5% to 9% reductions.
• Proactive measures taken to insulate customers from fuel cost volatility.

Negative

• None.

• Company is adjusting January 23 fuel filing

ST. PETERSBURG, Fla., Feb. 27, 2023 /PRNewswire/ -- Today, Duke Energy Florida updated its fuel and capacity rate request due to falling natural gas cost projections, which will lower a typical residential customer bill by approximately $8.50 per month.

If approved, the monthly bill for a typical residential customer using 1,000 kWh would be $190.56. The new rate will take effect beginning April 2023. The change will save customers $8.48 per 1,000 kWh compared to the proposed January 23 filing.

Commercial and industrial customers will see a decrease from 5% to 9% compared to the January 23 filing.

"Duke Energy wanted to take immediate steps to provide cost relief for our customers. We understand some families are facing financial pressures and encourage anyone who needs assistance to reach out to us," said Melissa Seixas, Duke Energy Florida state president.

During 2021 and 2022, a number of unique events drove up natural gas prices and caused supply uncertainty, which affected not only utility companies but a variety of other industries that rely on natural gas as well.

The company uses natural gas as its main fuel source to generate reliable electricity across the state of Florida. The company does not profit from these increased fuel costs, and proactively takes measures to insulate customers from volatility.

Duke Energy Florida

Duke Energy Florida, a subsidiary of Duke Energy, owns 10,500 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 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. 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 2023 "World's Most Admired Companies" list and Forbes' "World'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
Media line: 800.559.3853

View original content to download multimedia:https://www.prnewswire.com/news-releases/duke-energy-florida-files-to-save-customers-approximately-8-50-monthly-due-to-lower-fuel-prices-301757023.html

SOURCE Duke Energy

FAQ

What is the impact of Duke Energy's recent fuel filing on customer bills for DUK?

Duke Energy Florida's recent fuel filing is expected to lower residential customer bills by approximately $8.50 per month.

When will the new fuel rates from Duke Energy take effect?

The new fuel rates are set to take effect in April 2023.

How much will the typical residential bill be after the adjustment for DUK?

The typical residential bill will be approximately $190.56 for 1,000 kWh after the adjustment.

What percentage reduction will commercial and industrial customers see from DUK's new rates?

Commercial and industrial customers will see a decrease of 5% to 9% compared to previous filings.

Why is Duke Energy adjusting its fuel rates for DUK?

Duke Energy is adjusting its fuel rates due to falling natural gas cost projections.