Volatility in Natural Gas Prices Promotes Duke Energy Florida to Call for Fuel Adjustment | Duke Energy
A creative solution can limit the impact on customer invoices.
The company continues to offer customer support, extensive payment plans.
ST. PETERSBURG, Fla – Duke Energy Florida today proposed a fuel adjustment to limit the impact of natural gas price volatility on customer bills.
Duke Energy Florida uses natural gas as the primary fuel source to generate electricity in most of its power plants.
The change would take effect in March 2022. The company does not profit from fluctuations in fuel costs.
Since January 2021, natural gas prices have risen nearly 45% and remain volatile due to a number of unique events that have driven prices up and causing supply uncertainty. This impacts not only utility companies, but also various other industries that depend on natural gas.
Rather than recouping the increased fuel costs over a shortened 10-month period in 2022, Duke Energy Florida chose to spread the recovery over a longer period, starting in March 2022 and ending no earlier than February 2023. .
By recouping over a longer period of time, the impact on the monthly bill of a typical residential customer using 1,000 kWh is reduced by approximately 1%. A typical residential customer using 1,000 kilowatt-hours (kWh) will see their monthly bill increase by $ 6.62, on average, for 2022.
Commercial and industrial customers will see their bills increase by 4% to 10%.
âWe want to help our customers who may already be struggling to pay their current energy bills,â said Melissa Seixas, state president of Duke Energy in Florida. âWe are working hard to minimize the impact and give customers the opportunity to better manage their energy consumption and lower their bills. In addition, we are managing our fuel and production resources in the most cost effective manner for our customers, and our rate mitigation plan will continue to reduce some of the pricing pressure on customers. “
Duke Energy Florida’s innovative rate mitigation plan, approved by the Florida Public Service Commission on November 2, 2021, will remain in place and continue to benefit customers by spreading the recovery of approximately $ 247 million in non-fuel costs. recovered over two years (2022 and 2023), and waives immediate cost recovery from recent storms, among other actions. Customers will continue to benefit from the savings, which are expected to reduce a residential customer’s bill by 1,000 kWh to an average of $ 4.67 per month. The specific impact on the invoice will vary depending on several factors.
Residential customers will also benefit from the elimination of credit card charges for bill payments starting in 2022.
Manage energy consumption, billing
Duke Energy’s budget billing option allows customers to pay a predictable amount each month to better manage their budget. The amount is periodically reviewed and adjusted. Learn more about budget billing here.
Choose your due date
With Pick Your Due Date, customers can choose when they want their Duke Energy bill to be due each month. Choosing your due date can give customers even more control over their energy bills. Learn more.
Monitor and manage energy consumption
Energy use can increase during the winter, as heating is one of the biggest energy consumers in your home. Customers can easily track and adjust their usage when the temperatures are the highest.
- Smart meters provide customers with daily and hourly usage information to help them better understand their energy use and take action to save energy and money. Video here.
- Duke Energy customers with smart meters also receive usage alerts via email and / or SMS midway through their billing cycle, well in advance of their bill arrival, with the amount of their current usage. and a projection of what their final monthly bill might be.
- Customers can also set budget alerts, so they know when their bill reaches a specific amount of their choice, allowing them to adjust their usage and save money on their bill.
Other energy saving programs, tips and advice to help you manage higher energy bills that can result from increased energy can be found at Duke-Energy.com/Winter.
Duke Energy contacts late customers by email and / or SMS with information about utility assistance administered by agencies in their local communities.
This income-based program allows those who earn below certain thresholds to be eligible for federal assistance on the energy bill through the Low-Income Home Energy Use Assistance Program (LIHEAP). . Eligible income thresholds are based on factors that include household income and the number of people living in a dwelling. To find out how to qualify and apply for LIHEAP funds, visit: Low Income Home Energy Use Assistance Program (LIHEAP).
Homeowners Assistance Fund
The Homeowners Assistance Fund is a new federal program established for homeowners experiencing financial hardship after January 21, 2020 due to COVID-19. The funds will help prevent defaults, defaults, foreclosures and loss of utility. Homeowners with incomes equal to or less than 150% of the median (average) income for the area may be eligible. Find out more: Homeowners Assistance Fund.
Assistance agency funds
Some clients may also qualify for assistance from various government and non-profit programs for utility bills and other household expenses. 211.org is a free service to help clients find local community agencies that can help meet a wide range of needs, including utility bills, housing, food and other essentials, child and elderly care, medical expenses and health advice. To find out more about the agencies serving your area, dial 211, visit 211.org online, or text your postal code to 898211 for where to get help.
Additionally, Duke Energy Florida customers can learn more about how community agencies can help by visiting our website. Resources are also available here for small business clients, ranging from financial assistance and billing and payment options to professional advice on managing their energy use.
Installment plans give customers more flexibility to pay off an overdue balance over a longer period. Customers can request a few extra days or restructure the overdue balance into a monthly payment plan. Customers should contact Duke Energy to discuss their options: 800.700.8744.
Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, has a diverse production mix of natural gas, coal and renewables, providing approximately 10,200 megawatts of electrical capacity to approximately 1.9 million customers in a service area of 13,000 square miles.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, North Carolina, is one of the largest energy holding companies in the United States. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively have 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.
Duke Energy is implementing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with targets of at least 50% carbon reduction by 2030 and zero carbon emissions by ‘by 2050. The company is one of the leading renewables in the United States. supplier, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company is also investing in major power grid upgrades and expanding battery storage, and is exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2021 âWorld’s Most Admired Companiesâ list and Forbes âAmerica’s Best Employersâ list. More information is available at duke-energy.com. The Duke Energy News Center contains press releases, fact sheets, photos and videos. The Duke Energy Illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Media contact: Ana Gibbs
Media line: 800.559.3853