Duke Energy Florida announces storm cost recovery charge will be removed from customers' bills a month early

Core Viewpoint - Duke Energy Florida will remove the storm cost recovery charge from customer bills a month earlier than scheduled due to the successful recovery of costs associated with hurricanes Debby, Helene, and Milton, totaling approximately $1.1 billion [1][2]. Financial Impact on Customers - Residential customers will see a reduction of approximately $33 on their monthly bills starting in February, with an additional decrease of about $11 in March, leading to a total reduction of $44 compared to January [5][7]. - Commercial and industrial customers will experience bill reductions ranging from 9.6% to 15.8%, depending on various factors [6]. Energy Savings Initiatives - Duke Energy Florida has implemented efficiency improvements at its natural gas plants, resulting in $340 million in fuel cost savings, translating to $10 savings on monthly bills [7]. - The company has completed three new solar energy sites, saving customers an additional $750 million from displaced fuel costs [7]. - Customers will benefit from $65 million in tax credits from the Inflation Reduction Act, saving residential customers at least $2.50 per 1,000 kWh [7]. Company Overview - Duke Energy Florida, a subsidiary of Duke Energy, has an energy capacity of 12,300 megawatts and serves 2 million customers across a 13,000-square-mile area in Florida [4]. - Duke Energy is one of America's largest energy holding companies, serving 8.4 million customers across multiple states and owning a total capacity of 54,800 megawatts [8].