The Florida Public Service Commission yesterday 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.
