Huge news! DUKE ENERGY rate increase for 2017 approved. $5.84 total increase per 1,000 kilowatt hours use.
Duke hiking price of power
PSC OKs increase in cost-recovery fee for nuclear plants By Michael D. Bates Friday, November 4, 2016 at 9:02 pm
Starting with their January bills, Duke Energy Florida customers will see their electric rates increase $4.39 a month — from $111.76 per 1,000 kilowatt hours to $116.15.
Florida’s Public Service Commission (PSC) on Wednesday approved the 4 percent hike during its annual cost-recovery hearings, according to PSC spokeswoman Cynthia Muir.
One month later, in the February bills, rates will go up another $1.45 per 1,000 killowatt hours, due to Duke Energy’s acquisition of the Osprey generating facility in Polk County. Commercial and industrial customers will see similar rate changes.
News of the twin price hikes comes two days after the Charlotte, North Carolina-based company released its third-quarter financial report that shows revenue increased 32.6 percent over the previous year, from $905 million to $1.2 billion. Duke is attributing the revenue increase to warmer summer weather throughout its service area, higher retail volumes and cost-cutting efforts.
Nevertheless, Duke cited several factors accounting for the bill increases, including natural gas prices and the completion of settlement refunds to customers stemming from a 2013 lawsuit.
“(The rate hike in Florida) is based on a variety of different investments that we have made over time to some of the plants there in the Florida service territory,” Duke Energy spokeswoman Catherine Butler said. “We typically recover those through rate adjustments over time.”
Customers will get inserts in their December bills notifying them of the new rate schedules.
Duke Energy is attributing higher third-quarter profits to warm summer weather throughout its service area, higher retail volumes and cost management efforts.
“It was a strong quarter in terms of earnings results for our regulated utility business and most of that was driven by warmer weather,” Butler said.
Each year, Duke files estimates for the following year, as well as any adjustments needed for the current year, to recover costs for fuel and purchased power, energy-efficiency programs, environmental improvements and nuclear cost recovery.
“Through cost management and careful planning, Duke Energy Florida has made thoughtful investments to significantly enhance service reliability and reduce emissions while keeping rates lower than the current state and national averages,” Alex Glenn, Duke Energy’s Florida president, said in a news release. “We will continue to work hard to provide the best possible price for our customers.”
Contact Chronicle reporter Michael D. Bates at 352-563-5660, mbates@chronicleonline.com or via Twitter @mdbchronicle.
News 
Market Data 
Discover 
