Duke Energy receives approval for multiyear rate agreement

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Aug 21, 2024, 13:35 ET

Includes an estimated savings of 5% in 2025 on typical residential electric bills

ST. PETERSBURG, Fla., Aug. 21, 2024 /PRNewswire/ -- Today, the Florida Public Service Commission approved Duke Energy Florida's comprehensive, multiyear rate agreement without modification.

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 $8.26, or approximately 5%, on their electric bills in January 2025 when compared to December 2024.

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 2% bill increase over the three-year period. However, the 2022 fuel under-recovery, storm restoration cost recovery and some legacy purchased power contracts will expire by year-end 2024. The removal of these costs will lower customer bills in 2025.

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 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 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 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

SOURCE Duke Energy