Florida – Duke Energy has been granted approval by the Florida Public Service Commission to raise its base energy rates over the next few years; intended changes will take place every year until 2027. This decision comes following thorough evaluation and cooperative talks with consumer advocates and different corporate groupings.
Duke Energy consumers should see a first drop in their monthly bills starting January 2025. Monthly 1,000 kilowatt-hour households should save roughly $8.26, or around 5%. This reduction is primarily due to the expiration of certain costs associated with storm restoration and legacy power purchases, which are set to conclude by the end of 2024.
Since general rates are expected to rise gradually over the next three years, this relief will be somewhat limited. Although the average growth is expected to be no more than 2% yearly, this number hides the more significant early stage increases. Specifically, the utility company projects a $203 million rise in base rate income in 2025 followed by lesser increases of $59 million in 2026.
The integration of 12 new solar projects that Duke Energy intends to bring online later is one of the main explanation for the price increase. These additions should bring in $12 million in 2025, then increase to $71 million in 2026 and somewhat down to $58 million in 2027. These solar plants fit Duke Energy’s approach to improve its sustainability projects and clean energy output.
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Duke projects that the total gain in income from these changes between 2025 to 2027 will surpass $400 million. Duke Energy guarantees that, with savings in other operational areas, the average consumer will see a net drop in their energy expenses despite these changes, therefore offsetting the rate increases.
State president of Duke Energy Florida, Melissa Seixas, thanked the Public Service Commission for their thorough investigation and the resulting positive ruling. She underlined that the company’s capacity to keep enhancing service dependability and response times, satisfy future energy needs, and increase its clean energy projects depends on the acceptance of the rate adjustment plan.
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“Approval of this agreement will make a difference for our customers and communities we serve,” Seixas said. “We’ll continue to pass on savings directly to customers, while also increasing service reliability and advancing the clean energy vision for the state.”
Additionally, Duke Energy offers several energy efficiency programs and easy-to-use tools to help Florida customers take control of their energy use and bills. To learn more about these programs, visit duke-energy.com/SeasonalBills or call the Customer Care number listed on your energy bill.
Duke Energy is still committed to its goal of moving toward more sustainable energy solutions, which include enhancing solar power generation and investigating fresh, creative technologies to support a more sustainable future as these developments take effect.
