GREENVILLE, S.C., April 29, 2016 /PRNewswire/ -- Duke Energy Progress is proposing close to $3 in monthly fuel savings for its customers beginning this summer.
If approved by the Public Service Commission of South Carolina (PSCSC), the new fuel rates, which would go into effect July 1, would be the lowest since 2006.
What's driving customer savings
On April 28, 2016, Duke Energy Progress made its annual fuel filing with the PSCSC for costs associated with the purchase of fuel.
Under the proposal, typical residential customers using 1,000 kilowatt-hours (kWh) per month would see their bills decline from the current $104.77 to $102.00, a savings of $2.77.
Commercial customers would see an average decrease in the fuel charge of about 2.9 percent, and industrial customers would receive an average decrease of about 4.5 percent.
The main reasons for the proposed overall decrease in rates include:
Lower projected coal and gas fuel prices, partially offset by higher projected nuclear fuel costs
An $11.2 million decrease in the prior period true-up of fuel costs, as compared to the prior period true-up included in the current bill
Duke Energy Progress makes a fuel cost recovery filing annually in South Carolina. The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true-up of the prior year's projection.
The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. By law, the company makes no profit from the fuel component of rates.
Duke Energy Progress works daily to offer its customers electric rates in South Carolina that are consistently below the national average.
The company also offers energy-saving tips and innovative efficiency programs to help customers realize additional savings.
One such program is the Home Energy House Call – a free in-home energy assessment, valued at $180, designed to help Duke Energy customers learn how they can use electricity more efficiently to reduce their monthly bill.
Duke Energy Progress owns nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides about 12,900 megawatts of owned electric capacity to approximately 1.5 million customers in a 32,000-square-mile service area of North Carolina and South Carolina.
Duke Energy is one of the largest electric power holding companies in the United States. Its regulated utility operations serve approximately 7.4 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 24 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
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