Fuel savings will decrease bills for Duke Energy Carolinas customers in South Carolina beginning Oct. 1

Rhea-AI Summary

Duke Energy Carolinas announced a reduction in electric rates for its South Carolina customers, effective October 1. A typical residential user consuming 1,000 kWh monthly will see a decrease of $6.81 (5.6%). Commercial customers will also experience similar reductions, averaging 5.6%, while industrial customers will see a notable 9.8% decrease.

The adjustments are part of the company's annual fuel cost recovery filing with the Public Service Commission of South Carolina, ensuring that no profits are made from the fuel rate. Duke Energy manages fuel contracts to minimize costs for its over 600,000 customers in the region.

Positive

• Electric rates decreased by 5.6% for residential customers, leading to savings of $6.81 per month.
• Commercial customers will see a similar average rate decrease of 5.6%.
• Industrial customers benefit from a larger average decrease of 9.8%.

Negative

• None.

GREENVILLE, S.C., Sept. 30, 2020 /PRNewswire/ -- Duke Energy Carolinas customers in South Carolina will see a drop in their electric rates starting Oct. 1 as part of an annual adjustment of the actual cost of fuel used to generate electricity at its power plants.

A typical residential customer in South Carolina using 1,000 kilowatt-hours (kWh) per month will see a decrease of $6.81, or about 5.6 percent. Commercial customers will see an average decrease in their bills of about 5.6 percent, and industrial customers will receive an average decrease of about 9.8 percent.

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.

More help for customers

Duke Energy continues to provide assistance to residential and business customers impacted by the pandemic whose accounts have fallen behind due to illness or lost wages.

Support for these efforts includes: 

• The added convenience for customers to choose an extended payment arrangement that meets their needs online, anytime. Click here for more information.  
• Duke Energy Carolinas customers who need additional assistance can visit the Share the Warmth website to learn how community agencies can help pay energy bills. 
• Resources are available here for small business customers as they are reopening, from financial assistance to billing and payment options to professional guidance to manage their energy usage.   

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.

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SOURCE Duke Energy

FAQ

What is the new electric rate for residential customers of Duke Energy (DUK) in South Carolina?

Starting October 1, residential customers will see a decrease of $6.81, or about 5.6%, on their bills.

When will the new rates for Duke Energy (DUK) customers take effect?

The new electric rates will take effect on October 1.

How much will industrial customers save on their Duke Energy (DUK) bills?

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

What does the fuel cost recovery filing entail for Duke Energy (DUK)?

The filing is based on the projected cost of fuel used to provide electric service, ensuring no profit is earned from the fuel component.