Regulators approve Duke Energy Florida's request to lower rates in 2025

Rhea-AI Summary

Duke Energy Florida received approval from the Florida Public Service Commission to lower rates in January 2025. Residential customers using 1,000 kWh will see a $9.77 decrease in their monthly bills compared to December 2024. Commercial and industrial customers will experience bill reductions between 5.1% to 11.1%. While the company plans to continue grid improvements for enhanced security and reliability, customers should note that storm cost recovery for hurricanes Debby, Helene, and Milton, to be filed in December 2024, may impact rates as early as March 2025.

Positive

• Rate reduction approval for residential customers ($9.77 decrease per 1,000 kWh)
• Commercial and industrial customer bill decreases of 5.1% to 11.1%

Negative

• Upcoming storm cost recovery filing expected to increase rates in March 2025

News Market Reaction

+1.39%

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+1.39% News Effect

On the day this news was published, DUK gained 1.39%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• A 1,000 kWh residential customer bill will decrease by $9.77 beginning in January
• Bills will be impacted by the company's storm cost recovery later in 2025

ST. PETERSBURG, Fla., Nov. 5, 2024 /PRNewswire/ -- Today, the Florida Public Service Commission approved Duke Energy Florida's request 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, as well as other clause adjustments.  

Typical residential customers using 1,000 kilowatt-hours (kWh) will see a decrease of $9.77 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%, though the specific impact will vary depending on several factors.

"Duke Energy Florida is thankful for the opportunity to offer our customers this much-needed break after recent hurricanes devastated many of their homes, businesses and communities," said Melissa Seixas, Duke Energy Florida state president. "While we're still assessing cost of the company's response to those storms, we want to remind our customers that we'll always prioritize affordability – even as we work to develop a smarter, stronger electric grid – and maintain the same high level of service they expect and deserve."

With this approval, Duke Energy Florida will continue making electric grid improvements consistent with its storm protection plan to enhance security, reliability and resiliency in 2025 and beyond. These rates also include the company's annual fuel, capacity, energy conservation and environmental compliance clause costs.

However, it should be noted the company anticipates filing storm cost recovery for hurricanes Debby, Helene and Milton in December 2024, which will impact rates as early as March 2025. 

Duke Energy Florida provides financial assistance, including flexible billing programs and the Share the Light Fund, for customers in need. To learn more, customers can call the Customer Care phone number listed on their bills or visit duke-energy.com/HereToHelp.

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 X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. 

Media contact: Ana Gibbs
24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

How much will Duke Energy Florida (DUK) lower residential rates in January 2025?

Duke Energy Florida will lower residential rates by $9.77 per month for customers using 1,000 kilowatt-hours, effective January 2025.

When will Duke Energy Florida (DUK) implement storm cost recovery charges for hurricanes Debby, Helene and Milton?

Duke Energy Florida plans to file for storm cost recovery in December 2024, with rate impacts expected as early as March 2025.

What is the percentage decrease for Duke Energy Florida (DUK) commercial customers in 2025?

Commercial and industrial customers will see bill decreases ranging from 5.1% to 11.1%, with specific impacts varying based on individual factors.