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Florida PSC Approves Duke Energy Florida Rates Through 2024

TALLAHASSEE — In a comprehensive rate resolution, the Florida Public Service Commission (PSC) today approved an Agreement between Duke Energy Florida, LLC and other parties to stabilize customer rates through 2024.

“We determined the Agreement was a fair resolution in the public interest, and I believe it resulted in lower rates than would have been possible without a settlement,” said PSC Chairman Gary Clark.  “Customers now know what to expect on their bills through 2024, and Duke can focus on providing safe and reliable energy to its customers.”

The Agreement, in part, includes base-rate increases of $67.25 million in 2022, $48.93 million in 2023, and $79.2 million in 2024, for a total increase of $195.4 million.  It also includes caveats that could change the increases, such as a Federal and/or State income-tax change. Residential customers will see a bill increase of approximately 3 to 4 percent in 2022.

With the PSC’s approval, DEF’s Return on Equity (ROE) is 8.85 percent to 10.85 percent, with a midpoint of 9.85 percent.  DEF can also offer a new electric-vehicle charging station program that would build on an existing pilot program.  In addition, the Agreement approves DEF’s Dismantlement Study—including the retirement of two coal-fired plants at its Crystal River North site—deferring the impact of a regulatory asset for recovery in its next base rate proceeding.  The Agreement also resolves all issues in two ongoing storm cost recovery dockets related to Hurricanes Michael and Dorian, and clarifies cost allocation and rate design matters pertaining to DEF’s Storm Protection Plan Cost Recovery Clause.

Prior to today’s decision, the PSC held a hearing and customers had an opportunity to address the Commission. Parties to the Agreement included the Office of Public Counsel, PCS White Springs, Nucor Steel Florida, Inc., and the Florida Industrial Power Users Group.

DEF serves more than 1.8 million retail customers in Florida.

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