Duke Energy Florida is proposing a fuel adjustment that they hope will limit the impact of volatile natural gas prices on customer bills.
The company is asking for an adjustment to offset the increasing cost of natural gas – Duke Energy Florida uses natural gas as its main fuel source to generate electricity at most of its power plants.
The requested increase would take effect in March 2022.
Since January 2021, natural gas prices have increased almost 45% and remain volatile, which is impacting not only utility companies but also a variety of other industries that rely on natural gas.
Rather than recover the increased fuel costs over a shortened 10-month period in 2022, Duke Energy Florida has chosen to spread the recovery over a longer period, beginning in March 2022 and ending no earlier than February 2023.
By recovering over a longer period, the monthly bill impact to a typical residential customer using 1,000 kWh is reduced by about 1%.
A typical residential customer using 1,000 kilowatt-hours (kWh) will see an increase of $6.62 in the customer’s monthly bill, on average, for 2022
Commercial and industrial customers will see bill impacts ranging from a 4% to 10% increase.
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