Duke Energy Florida requests to lower rates in 2025

Rhea-AI Summary

Duke Energy Florida (NYSE: DUK) has requested to lower rates and decrease customer bills in January 2025 as part of an annual fuel cost adjustment. The company plans to decrease Florida residential rates by approximately 6%, while making grid improvements. If approved, typical residential customers using 1,000 kWh will see a decrease of $9.77 on their January 2025 bill compared to December 2024. Commercial and industrial customers will see bill decreases ranging from 5.1% to 11.1%.

The 2025 rates reflect investments in fewer outages, shorter restoration times, and solar investments. Duke Energy Florida has already reduced rates twice in 2024, with residential customers paying approximately $17 per 1,000 kWh less compared to a year ago. The company aims to increase reliability and advance clean energy vision while focusing on customer savings.

Positive

• Proposed 6% decrease in residential electricity rates for 2025
• Planned $9.77 reduction in monthly bills for typical 1,000 kWh residential customers
• Bill decreases ranging from 5.1% to 11.1% for commercial and industrial customers
• Two rate reductions already implemented in 2024, resulting in $17 savings per 1,000 kWh for residential customers compared to previous year
• Investments in grid improvements for enhanced reliability, security, and resilience
• Advancements in clean energy initiatives and solar investments

Negative

• Rate reduction proposal still pending approval from Florida Public Service Commission

News Market Reaction

-0.18%

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-0.18% News Effect

On the day this news was published, DUK declined 0.18%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

• 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.

"Duke Energy is consistently looking for creative ways to reduce rates and provide financial relief to our customers," said Melissa Seixas, Duke Energy Florida state president. "We work to deliver real value, including a stronger, more reliable grid and cleaner energy."

The 2025 rates also reflect the comprehensive agreement reached between Duke Energy Florida and customer representatives. The agreement increases reliability and advances the clean energy vision for the state, while focusing on ways to assist and pass on savings to customers.

Approval for the company's 2025 rates is anticipated later this year.

Duke Energy Florida

Duke Energy Florida, a subsidiary of Duke Energy, owns 12,300 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Media contact: Ana Gibbs
Media line: 800.559.3853

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SOURCE Duke Energy

FAQ

How much will Duke Energy Florida (DUK) reduce residential electricity rates in 2025?

Duke Energy Florida has requested to decrease residential electricity rates by approximately 6% in January 2025.

What is the expected bill reduction for a typical Duke Energy Florida (DUK) residential customer in 2025?

If approved, a typical residential customer using 1,000 kWh will see a decrease of $9.77 on their January 2025 bill compared to December 2024.

How much have Duke Energy Florida (DUK) customers saved on their bills in 2024?

Residential customers are paying approximately $17 per 1,000 kWh less in 2024 compared to the previous year, due to two rate reductions implemented in January and June 2024.

What improvements is Duke Energy Florida (DUK) planning alongside the rate reduction for 2025?

Duke Energy Florida is planning grid improvements to enhance reliability, security, and resilience, as well as investments in solar energy and other clean energy initiatives.