- If approved, home energy bills would decrease 13.8%
- Company continues to connect customers to financial
assistance and offer cost-saving tools
GREENVILLE, S.C., July 31,
2024 /PRNewswire/ -- Duke Energy Carolinas is seeking
to reduce customer bills to account for the cost of fuel used to
generate electricity for South
Carolina homes and businesses. If approved by the Public
Service Commission of South
Carolina (PSCSC), today's average monthly residential bill
would decrease by 13.8%.
The total monthly impact of these rate changes for a residential
customer using 1,000 kilowatt-hours (kWh) per month would be a
decrease of $19.60, from $142.23 to $122.63.
If approved by the PSCSC, rates for commercial customers would
decrease 13.8% and rates for industrial customers would decrease
16.2%. The specific impact to individual customers will vary
according to many factors including electric usage and customer
profile dynamics.
If approved, the decrease to customer bills would begin in
November and significantly offset the previously announced base
rate increase approved by the PSCSC in July.
The PSCSC will consider new fuel rates in a public evidentiary
hearing where it will also hear the results of an extensive audit
and inquiries of the parties involved in the case to ensure an
accurate adjustment is made to billed rates.
Duke Energy Carolinas serves about 660,000 households and
businesses primarily in the Upstate of South Carolina, including Greenville, Spartanburg and Anderson counties. The company's other
South Carolina utility – Duke
Energy Progress – made its annual fuel filing in April.
Why bills will decrease
Duke Energy Carolinas makes a fuel cost-recovery filing annually
in South Carolina. The fuel rate
is based on the projected cost of fuel used to provide electric
service to the company's customers, plus a true up of the prior
year's projection compared to actual costs incurred. The PSCSC
reviews fuel costs and adjusts the fuel component of customer rates
accordingly. Each year, this true-up proceeding is intended to
resolve the difference between projected fuel costs, and what is
actually billed to the customer.
The decrease for customer bills in this year's request is
primarily driven by the decreased cost of natural gas year over
year, plus a reduced true-up component since the previous fuel
cost-recovery filing.
Duke Energy Carolinas makes no profit from the fuel component of
rates – actual costs are passed through directly to customers.
Helping customers save
Customers struggling to pay their energy bills might qualify for
assistance from various government and nonprofit programs for
utility bills and other household expenses, or from the Share the
Light Fund, a Duke Energy program that provides energy assistance.
Duke Energy also offers programs and resources to help customers,
as well as flexible payment arrangements to help customers
experiencing uncertainty keep their accounts in good standing.
To help all customers take control of their energy use, Duke
Energy offers energy-saving tips and innovative efficiency programs
for every budget. For example, the Home Energy House Call is a free
in-home energy assessment that provides customers more information
about how they use energy and strategies to save money on their
monthly bill. To learn more about these programs, visit
duke-energy.com/savings.
Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,700
megawatts of energy capacity, supplying electricity to 2.9 million
residential, commercial and industrial customers across a
24,000-square-mile service area in North
Carolina and South
Carolina.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., 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 collectively own
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 executing an ambitious clean energy transition,
keeping reliability, affordability and accessibility at the
forefront as the company works toward net-zero methane emissions
from its natural gas business by 2030 and net-zero carbon emissions
from electricity generation by 2050. The company is investing in
major electric grid upgrades and cleaner generation, including
expanded energy storage, renewables, natural gas and nuclear.
More information is available at duke-energy.com and
the Duke Energy News Center. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook,
and visit illumination for stories about the people and
innovations powering our energy transition.
24-Hour media line: 800.559.3853
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SOURCE Duke Energy