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The Villages
Sunday, May 19, 2024

Duke Energy predicts lower rates in filing with state commission

Duke Energy Florida has filed for new base rates with the Florida Public Service Commission and indicated it will also reduce rates by filing a fuel mid-course adjustment.

Additionally, the company requested approval of new cost-effective energy efficiency goals and programs, which will help customers save on energy bills.

The base rate filing proposes smart investments in innovative technologies to increase efficiency and reduce outages while passing on savings to customers. It also includes 14 new solar sites, adding 1,050 megawatts of clean energy. More information on these investments can be found here

The expected impact of these requested base rate changes will be an average annual increase of approximately 4 percent of the total bill during 2025 through 2027. For an average residential customer, the rate impact for just the base rate increase will be approximately $16.48 in 2025, $2.73 in 2026 and $4.93 in 2027 on a 1,000-kilowatt bill

Even with the requested base rate increase, the company expects overall customer bills to decrease in January 2025, compared to January 2024. The 2022 fuel under-recovery, storm restoration cost recovery and some legacy purchased power contracts will expire by year-end 2024. The removal of these costs will lower customer bills. This will be the second consecutive year Duke Energy Florida decreased its residential customer rates.

As the energy industry continues to evolve, Duke Energy Florida must anticipate changes driven by population growth, technological advancements and customer expectations.  

“The proposed investments will decrease outages and shorten restoration times for customers and communities, while reducing emissions at a reasonable cost,” said Melissa Seixas, Duke Energy Florida state president. “Duke Energy Florida remains committed to serving customers with more price stability and certainty.”

The 2025-2027 rate case filing is subject to FPSC approval. You can find more information on the rate case filing on Duke Energy’s website at duke-energy.com/FL-rates.

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