Duke Energy Plans To Decrease Florida Residential Rates By ~6%, While Making Grid Improvements To Enhance Reliability, Security And Resilience In 2025 And Beyond; If Approved, A 1,000 kWh Residential Customer Bill Will Decrease By $9.77

Author: Benzinga Newsdesk | September 05, 2024 02:14pm

• If approved, a 1,000 kWh residential customer bill will decrease by $9.77

ST. PETERSBURG, Fla., Sept. 5, 2024 /PRNewswire/ -- Duke Energy Florida requested to lower rates and decrease customer bills in January 2025 as part of an annual adjustment for the cost of fuel used to generate electricity at the company's power plants.

The company plans to decrease Florida residential rates by approximately 6%, while making grid improvements to enhance reliability, security and resilience in 2025 and beyond. 

Rates for 2025 reflect investments resulting in fewer outages and shorter restoration times, as well as solar investments. It also includes Duke Energy Florida's annual capacity, energy conservation, storm protection plan and environmental compliance clause costs.

If approved by the Florida Public Service Commission, typical residential customers using 1,000 kilowatt-hours (kWh) will see a decrease of $9.77, or approximately 6%, on their January 2025 bill when compared to December 2024. Commercial and industrial customers will see bill decreases ranging from 5.1% to 11.1%. The specific bill impact will vary depending on several factors.

Duke Energy Florida has already reduced rates twice this year with reductions in January and June 2024. Residential customers are paying approximately $17 per 1,000 kWh less today, compared to one year ago.

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