Duke Energy receives approval for multiyear rate agreement
Rhea-AI Summary
Duke Energy Florida's multiyear rate agreement has been approved by the Florida Public Service Commission. Key points include:
- Estimated 5% savings on typical residential electric bills in 2025
- Average annual 2% bill increase over three years
- Continued investments in outage reduction, response times, and clean energy
- Expiration of 2022 fuel under-recovery, storm restoration costs, and legacy contracts by end of 2024
The agreement allows Duke Energy Florida to advance its clean energy vision while passing savings to customers. The company serves 2 million customers in Florida and owns 12,300 megawatts of energy capacity.
Positive
- Approval of multiyear rate agreement by Florida Public Service Commission
- Estimated 5% savings on typical residential electric bills in 2025
- Continued investments in infrastructure and clean energy
- Expiration of certain costs by end of 2024, leading to lower bills in 2025
Negative
- Average annual 2% bill increase over the three-year period
News Market Reaction
On the day this news was published, DUK gained 0.31%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Includes an estimated savings of
5% in 2025 on typical residential electric bills
As a result, and when combined with other expected rate changes, Duke Energy Florida currently projects typical residential customers using 1,000 kilowatt-hours will save an estimated
The agreement also enables Duke Energy Florida to continue making investments to reduce outages, shorten response times, meet future energy demands, increase clean, solar generation and explore innovative technologies to generate cost savings for its 2 million customers in Florida.
"We appreciate the Florida Public Service Commission's review, along with the collaboration of the consumer representatives and business groups, to reach this productive outcome," said Melissa Seixas, Duke Energy Florida state president. "Approval of this agreement will make a difference for our customers and communities we serve. We'll continue to pass on savings directly to customers, while also increasing service reliability and advancing the clean energy vision for the state."
The agreement allows an average annual
To learn more about this approved agreement and the benefits to Duke Energy Florida customers, please visit duke-energy.com/FL-Rates.
Additionally, Duke Energy offers several energy efficiency programs and easy-to-use tools to help
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
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
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.
Cautionary Statement Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2023, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media contact: Ana Gibbs
Media line: 800.559.3853
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SOURCE Duke Energy
FAQ
What is the estimated savings for Duke Energy Florida customers in 2025?
How will the new rate agreement affect Duke Energy Florida (DUK) customer bills over the next three years?
What investments will Duke Energy Florida (DUK) make as part of this rate agreement?
When was the Duke Energy Florida (DUK) rate agreement approved?
