Duke Energy Florida has announced that it will remove the storm cost recovery charge from customer bills one month earlier than originally planned. This change comes after the company finished recovering approximately $1.1 billion in costs related to its response to hurricanes Debby, Helene, and Milton.
Starting in February, residential customers using 1,000 kilowatt-hours (kWh) of electricity per month can expect their monthly bills to decrease by about $33 compared to January. Commercial and industrial customers will also see reductions ranging from 9.6% to 15.8%, though specific impacts may vary.
Melissa Seixas, state president of Duke Energy in Florida, said, “We understand that all our customers have been affected by the rising cost of living; many may be facing economic difficulties and some even have to decide which bills they can afford to pay each month. For us it was important that our customers receive this significant rate relief as soon as possible while we continue providing the safe and reliable energy they expect and deserve.”
Further savings are scheduled for March, when residential bills are expected to drop by another $11 per 1,000 kWh due to Duke Energy Florida’s annual seasonal adjustment applied from March through November. In total, residential bills in March will be about $44 lower than those in January for the same usage level.
In addition to these changes, Duke Energy Florida has made efficiency upgrades at several natural gas plants that have resulted in $340 million in fuel cost savings for customers—a reduction translating into an additional $10 off monthly customer bills. The company has also completed three new solar installations, leading to a further $750 million saved on displaced fuel costs. Additionally, Duke Energy Florida transferred $65 million in Inflation Reduction Act tax credits directly to customers’ accounts, resulting in a minimum savings of $2.50 per 1,000 kWh for residential users.
Duke Energy Florida continues efforts to help customers manage their energy use and bills with flexible payment plans and other resources available at duke-energy.com/SeasonalSavings.
Duke Energy Florida is a subsidiary of Duke Energy and owns 12,300 megawatts of capacity serving two million residential, commercial, and industrial customers across a 13,000-square-mile service area in Florida.
Duke Energy is headquartered in Charlotte, North Carolina and serves around 8.4 million electric utility customers across six states with a collective owned capacity of 54,800 megawatts. Its natural gas companies serve 1.7 million customers across five states.
The company continues investing in grid improvements and cleaner energy generation sources including natural gas, nuclear power, renewables, and storage solutions as part of its broader energy transition strategy focused on reliability and value for its customers.
More information can be found at duke-energy.com or via the Duke Energy News Center.
“We understand that all our customers have been affected by the rising cost of living; many may be facing economic difficulties and some even have to decide which bills they can afford to pay each month. For us it was important that our customers receive this significant rate relief as soon as possible while we continue providing the safe and reliable energy they expect and deserve.” – Melissa Seixas
For further details or assistance: Aly Raschid (24 hours: 800.559.3853), X: @DE_AlyRaschid
