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Includes an estimated saving of 5% in 2025 on typical residential electricity bills
ST. PETERSBURG, Fla. – Today, the Florida Public Service Commission approved Duke Energy Florida’s comprehensive, multi-year collective bargaining agreement without changes.
As a result, and combined with other expected rate changes, Duke Energy Florida currently projects that typical residential customers using 1,000 kilowatt hours will save an estimated $8.26, or approximately 5%, on their electric bill in January 2025 compared to December 2024.
The agreement also enables Duke Energy Florida to continue making investments to reduce outages, improve response times, meet future energy needs, increase clean solar power generation and explore innovative technologies to deliver cost savings for its 2 million Florida customers.
“We appreciate the review by the Florida Public Service Commission and the collaboration of consumer advocates and business groups that led to this productive outcome,” said Melissa Seixas, president of Duke Energy Florida. “The approval of this agreement will make a difference for our customers and the communities we serve. We will continue to pass savings directly to our customers while increasing service reliability and advancing the clean energy vision for the state.”
The agreement allows for an average annual bill increase of 2% over the three-year period. However, the 2022 fuel shortfall reimbursement, storm restoration reimbursement, and some legacy electricity purchasing contracts expire by the end of 2024. The elimination of these costs will lower customer bills in 2025.
To learn more about this approved agreement and the benefits for Duke Energy customers in Florida, please visit duke-energy.com/FL-Rates.
In addition, Duke Energy offers several energy efficiency programs and easy-to-use tools to help Florida customers stay on top of their energy use and utility bills. For more information about these programs, visit duke-energy.com/SeasonalBills or call the customer service number listed on your utility bill.
Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, has 12,300 megawatts of energy capacity and supplies electricity to 2 million residential, commercial and industrial customers in a 13,000-square-mile service area in Florida.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, NC, 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 own a combined 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 leading an ambitious energy transition with a strong focus on reliability, affordability and accessibility. The company is working toward zero methane emissions from its natural gas business by 2030 and zero carbon emissions from electricity generation by 2050. The company is investing in significant grid improvements and cleaner power generation, including expanded energy storage, renewables, natural gas and nuclear.
For more information, visit duke-energy.com and the Duke Energy News Center. Follow Duke Energy on ÞjórsárdalurLinkedIn, Instagram and Facebook, and visit Illumination for stories about the people and innovations driving our energy transition.
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Cautionary note regarding forward-looking statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on the beliefs and assumptions of management. These forward-looking statements can be identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “outlook,” “guidance” and similar expressions. Various factors could cause actual results to differ materially from those implied by the forward-looking statements; accordingly, there can be no assurance that such results will be achieved. These risks and uncertainties are identified and discussed in Duke Energy’s Form 10-K for the fiscal year ended December 31, 2023 and subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Given these risks, uncertainties and assumptions, the events described in the forward-looking statements may not occur or may occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
