Monthly bills will drop for Duke Energy Carolinas customers in South Carolina beginning in November for annual adjustment to fuel costs

Rhea-AI Summary

Duke Energy Carolinas announced a significant rate decrease for South Carolina customers starting November 1, 2024. Residential customers will see a 12.7% decrease in their monthly bills, with average bills dropping by $19.52 from $154.29 to $134.77 for 1,000 kWh usage. Commercial and industrial customers will experience reductions of 13.5% and 15.7% respectively. This decrease, primarily driven by lower natural gas costs, more than offsets the base rate increase implemented in August. The adjustment comes as part of the annual fuel cost-recovery filing reviewed by the Public Service Commission of South Carolina.

Positive

• 12.7% decrease in residential customer bills ($19.52 reduction for 1,000 kWh usage)
• 13.5% decrease for commercial customers
• 15.7% decrease for industrial customers
• Reduction in natural gas costs contributing to lower rates

Negative

• None.

• Home energy bills will decrease 12.7%
• Decrease more than offsets base rate increase that took effect in August

GREENVILLE, S.C., Oct. 31, 2024 /PRNewswire/ -- Duke Energy Carolinas customers in South Carolina will see their electric rates fall starting Nov. 1 as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants. As approved by the Public Service Commission of South Carolina (PSCSC), today's average monthly residential bill will decrease by 12.7%.

The total monthly impact of these rate changes for a residential customer using 1,000 kilowatt-hours (kWh) per month is a decrease of $19.52, from $154.29 to $134.77.

As approved by the PSCSC, rates for commercial customers will decrease 13.5% and rates for industrial customers will decrease 15.7%. The specific impact to individual customers will vary according to many factors including electric usage and customer profile dynamics.

The decrease more than offsets the previously announced base rate increase approved by the PSCSC that took effect in August.

Duke Energy Carolinas serves about 660,000 households and businesses primarily in the Upstate of South Carolina, including Greenville, Spartanburg and Anderson counties.

Duke Energy Carolinas makes a fuel cost-recovery filing annually in South Carolina. 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 compared to actual costs incurred. The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. Each year, this true-up proceeding is intended to resolve the difference between projected fuel costs and what is actually billed to the customer.

The decrease for customer bills in this year's request is primarily driven by the decreased cost of natural gas year over year, plus a reduced true-up component since the previous fuel cost-recovery filing.

Duke Energy Carolinas works to actively manage fuel contracts to keep costs as low as possible for customers. Bills reflect actual fuel costs – customers pay what the company pays.

Helping customers save

Customers struggling to pay their energy bills might qualify for assistance from various government and nonprofit programs for utility bills and other household expenses, or from the Share the Light Fund, a Duke Energy program that provides energy assistance. Duke Energy also offers programs and resources to help customers, as well as flexible payment arrangements to help customers experiencing uncertainty keep their accounts in good standing.

To help all customers take control of their energy use, Duke Energy offers energy-saving tips and innovative efficiency programs for every budget. For example, the Home Energy House Call is a free in-home energy assessment that provides customers more information about how they use energy and strategies to save money on their monthly bill. To learn more about these programs, visit duke-energy.com/savings.

Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,700 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.

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.

24-Hour media line: 800.559.3853

 

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SOURCE Duke Energy

FAQ

How much will Duke Energy (DUK) residential customers in South Carolina save starting November 2024?

Duke Energy residential customers in South Carolina will save $19.52 on their monthly bill (12.7% decrease) for 1,000 kWh usage, reducing bills from $154.29 to $134.77.

What is causing the rate decrease for Duke Energy (DUK) customers in South Carolina?

The rate decrease is primarily driven by the decreased cost of natural gas year over year, plus a reduced true-up component from the previous fuel cost-recovery filing.

How many customers will be affected by Duke Energy's (DUK) rate decrease in South Carolina?

The rate decrease will affect approximately 660,000 households and businesses primarily in the Upstate of South Carolina, including Greenville, Spartanburg and Anderson counties.