The Revamp: DUK Florida branch of Duke Energy Corporation announced the submission of revised base rates to the Florida Public Service Commission (FPSC).
Driving Down Costs: Alongside the base rate modifications, Duke Energy Florida intends to mitigate rates through a fuel mid-course adjustment, introducing new energy-efficient objectives and programs aimed at assisting customers in curbing their energy expenses.
The Green Push: Emphasizing efficiency and outage prevention, the company plans to usher in a solar renaissance with investments in 14 novel solar installations totaling 1,050 megawatts.
Budget Implications: The proposed adjustments are forecasted to result in an average annual escalation of around 4% in total bills during 2025-2027. For a 1,000-kilowatt bill, the base rate rise alone is estimated to equate to approximately $16.48 in 2025, $2.73 in 2026, and $4.93 in 2027.
Customer Bill Dynamics: Duke Energy Florida anticipates an annual reduction in total customer bills in January 2025, despite the forthcoming base rate hike. This stands as the second consecutive year of declining residential customer rates by the company, pending FPSC sanctionation of the 2025-2027 rate case filing.
Betting on Gas: In response to plummeting natural gas expenditures, Duke Energy Florida plans to submit a fuel and capacity rate adjustment, eyeing a further reduction of over $5 in customer bills. This markdown is in addition to the $11.29 fall that took effect in January 2024. The company aims to file this request imminently, awaiting the FPSC’s green light for implementation.
Curious to Learn More? Explore: Duke Energy Bows To Pressure, Reportedly To Phase Out CATL Batteries At Its Civilian Projects
Investing Pointer: Interested investors can access Duke Energy stock through SPDR Select Sector Fund – Utilities XLU and Vanguard Utilities ETF VPU.
Market Movement: DUK shares concluded 0.49% higher at $96.54 on Tuesday.
