Duke Energy Florida Announces Storm Cost Recovery Charge Will Be Removed From Customers’ Bills A Month Early

Today, Duke Energy Florida announced that the storm cost recovery charge – the result of costs associated with the company’s approximately $1.1 billion response to hurricanes Debby, Helene and Milton – will be removed from customers’ bills a month earlier than originally scheduled.

What this means

Because the full amount for all three storms was recovered ahead of schedule, beginning in February (instead of March):

• Residential customers can expect an approximately $33 reduction on their monthly bills, when compared to January, for every 1,000 kilowatt-hours (kWh) of electricity they use.
   
• Commercial and industrial customers’ monthly bills will be lowered between 9.6% and 15.8%, also when compared to January, though the specific impact will vary depending on several factors.

Our view   

“We understand all of our customers have been affected by the rising costs of living, many may be facing financial challenges, and some are even having to decide which bills they can afford to pay every month,” said Melissa Seixas, Duke Energy Florida state president. “It was important to us that our customers get this significant rate relief as soon as possible while we continue to deliver the safe, reliable power they expect and deserve.”

More savings coming soon

• In March, residential customers will experience another approximately $11 decrease (per 1,000 kWh) on their monthly bills, reflecting a seasonal decrease that Duke Energy Florida institutes annually (March-November) to help customers save money during times when energy use is typically higher.
   
• This means, when compared to January, their March bills will be approximately $44 lower – again, per 1,000 kWh.

Even more savings

Recently, the company also:

• Made efficiency improvements at many of its natural gas plants (see here), saving customers $340 million in fuel costs
   
  • This translates to $10 savings on customers’ monthly bills
     
• Completed three new solar energy sites (see here and here), saving customers another $750 million from displaced fuel costs
   
• Passed on $65 million in Inflation Reduction Act tax credits to customers
   
  • This saves residential customers at least $2.50 per 1,000 kWh

Help is available

While Duke Energy Florida is focused on keeping its own costs in check, the company is committed to connecting customers with practical ways to save energy and manage their bills, including flexible payment plans. For more information, please visit duke-energy.com/SeasonalSavings.   

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 energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.