Duke Energy Florida requests to lower rates in 2025

• If approved, a 1,000 kWh residential customer bill will decrease by $9.77

ST. PETERSBURG, Fla., Sept. 5, 2024 /PRNewswire/ -- Duke Energy Florida requested to lower rates and decrease customer bills in January 2025 as part of an annual adjustment for the cost of fuel used to generate electricity at the company's power plants.

The company plans to decrease Florida residential rates by approximately 6%, while making grid improvements to enhance reliability, security and resilience in 2025 and beyond. 

Rates for 2025 reflect investments resulting in fewer outages and shorter restoration times, as well as solar investments. It also includes Duke Energy Florida's annual capacity, energy conservation, storm protection plan and environmental compliance clause costs.

If approved by the Florida Public Service Commission, typical residential customers using 1,000 kilowatt-hours (kWh) will see a decrease of $9.77, or approximately 6%, on their January 2025 bill when compared to December 2024. Commercial and industrial customers will see bill decreases ranging from 5.1% to 11.1%. The specific bill impact will vary depending on several factors.

Duke Energy Florida has already reduced rates twice this year with reductions in January and June 2024. Residential customers are paying approximately $17 per 1,000 kWh less today, compared to one year ago.

"Duke Energy is consistently looking for creative ways to reduce rates and provide financial relief to our customers," said Melissa Seixas, Duke Energy Florida state president. "We work to deliver real value, including a stronger, more reliable grid and cleaner energy."

The 2025 rates also reflect the comprehensive agreement reached between Duke Energy Florida and customer representatives. The agreement increases reliability and advances the clean energy vision for the state, while focusing on ways to assist and pass on savings to customers.

Approval for the company's 2025 rates is anticipated later this year.

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.

Media contact: Ana Gibbs
Media line: 800.559.3853

SOURCE Duke Energy