PR Newswire
ST. PETERSBURG, Fla., Jan. 31, 2024
ST. PETERSBURG, Fla., Jan. 31, 2024 /PRNewswire/ -- Today, Duke Energy Florida notified the Florida Public Service Commission (FPSC) of its intent to file a rate case in April that proposes investments to increase generation unit efficiency, reduce outages and expand solar generation as part of increased base rates taking effect in January 2025.
The company is requesting an average annual base rate increase of approximately 4% during 2025 through 2027.
Even with the requested base rate increase, the company expects overall customer bills to decrease in 2025. The 2022 fuel under-recovery, storm restoration cost recovery and legacy purchased power contracts will expire year-end 2024, which will lower overall bills in 2025.
The rate request delivers the smarter energy future customers deserve while providing price stability and certainty. The proposed investments will decrease outages and shorten restoration times for customers and communities, while reducing emissions at a reasonable cost.
As the energy industry continues to evolve, Duke Energy Florida must anticipate changes driven by population growth, technological advancements and customer expectations.
"This proposal offers what our customers want – a more reliable energy system using cleaner energy," said Melissa Seixas, Duke Energy Florida state president. "We are focused on making smart energy investments that leverage innovative technology to increase power plant efficiency and reduce outages."
Investments
Investments under the proposed 2025-2027 rate case filing include:
Next Steps
The proposed 2025-2027 rate case filing is subject to the FPSC approval. The approval process includes public hearings to allow customers feedback on the rate requests and the utility service quality. The FPSC considers customer input when reviewing rate increase requests.
Through a public and transparent process, the schedule of public hearings will be announced through the FPSC's website and customer bill inserts. Timing is expected for midyear.
Connecting Customers with Billing Assistance
Duke Energy Florida will also continue to offer programs and assistance options to low-income customers. This includes connecting customers with assistance agencies that administer the Low-Income Home Energy Assistance Program and Elderly Home Energy Assistance Program.
Through the Duke Energy Foundation, the company also manages and contributes to its Share the Light Fund®, which assists customers with paying their energy bills. In 2023, we distributed more than $1 million in energy bill assistance to qualifying Florida customers.
Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, owns 10,500 megawatts of energy capacity, supplying electricity to 1.9 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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 Duke Energy Florida, LLC's, Duke Energy Corporation's and its subsidiaries (collectively, the "Company") beliefs and assumptions and can often be identified by terms and phrases that include "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" or other similar terminology. 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 factors include, but are not limited to:
Additional risks and uncertainties are identified and discussed in the Company's reports filed with the 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 described. Forward-looking statements speak only as of the date they are made and 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
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