Fuel savings will decrease bills for Duke Energy Carolinas customers in South Carolina beginning this fall

Rhea-AI Summary

Duke Energy Carolinas plans to reduce monthly fuel costs for its South Carolina customers starting Oct. 1, 2020. A typical residential customer using 1,000 kWh will see a decrease of $6.81, approximately 5.6%. Commercial customers will also experience a 5.6% reduction, while industrial customers will save about 9.8%. This annual adjustment is based on actual fuel costs, with no profit margin for Duke Energy on these rates. The proposed decrease impacts over 600,000 customers across South Carolina.

Positive

• Residential customers to save $6.81 per month or 5.6%.
• Commercial customers to see 5.6% average reduction.
• Industrial customers to benefit from a 9.8% average decrease.
• Proposed changes will affect all Duke Energy Carolinas customers in South Carolina.

Negative

• None.

GREENVILLE, S.C., July 31, 2020 /PRNewswire/ -- Duke Energy Carolinas is proposing a decrease in monthly fuel costs for its South Carolina customers beginning this fall as part of an annual adjustment of the actual cost of fuel used to generate electricity at its power plants.

If approved, a typical residential customer in South Carolina using 1,000 kilowatt-hours (kWh) per month would see a decrease of $6.81, or about 5.6 percent. Commercial customers would see an average decrease in their bills of about 5.6 percent, and industrial customers would receive an average decrease of about 9.8 percent. The new rates would go into effect Oct. 1, 2020.

Duke Energy Carolinas makes a fuel cost recovery filing annually with the Public Service Commission of South Carolina (PSCSC). The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true-up of the prior year's projection. By law, the company makes no profit from the fuel component of rates.

Duke Energy Carolinas works to actively manage its fuel contracts to keep fuel costs as low as possible for customers. Joint dispatch of Duke Energy's generation fleet in the Carolinas also helps to minimize the company's fuel costs. The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly.

Duke Energy Carolinas serves more than 600,000 customers primarily in the Upstate region of South Carolina. The proposed decrease would affect the bills of all Duke Energy Carolinas customers in South Carolina. The company's other South Carolina utility -- Duke Energy Progress -- made its annual fuel filing earlier this year.

Duke Energy Carolinas

Duke Energy Carolinas, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides approximately 20,200 megawatts of owned electric capacity to about 2.6 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. 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: 800.559.3853

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SOURCE Duke Energy

FAQ

What is the proposed fuel cost decrease for Duke Energy Carolinas customers in South Carolina?

Duke Energy Carolinas proposes a fuel cost decrease of approximately 5.6% for typical residential customers, effective Oct. 1, 2020.

When will the new fuel rates take effect for Duke Energy Carolinas customers?

The new fuel rates are proposed to take effect on Oct. 1, 2020.

How much will industrial customers save under the new fuel rates by Duke Energy Carolinas?

Industrial customers will see an average decrease of about 9.8% in their bills.

What are the projected savings for commercial customers in South Carolina with Duke Energy?

Commercial customers are expected to save an average of 5.6% on their bills.

How many customers will be affected by the proposed fuel cost decrease in South Carolina?

The proposed decrease will impact over 600,000 customers served by Duke Energy Carolinas in South Carolina.