ST. PETERSBURG, Fla. — The Florida Public Service Commission approved mid-course corrections for three Florida power companies' updated fuel and capacity rate requests and recovery of storm restoration costs.
The regulators and power companies, including Duke Energy Florida, Florida Power & Light Company and Tampa Electric Company, made the announcement Tuesday.
A monthly bill for a typical Duke Energy residential customer using 1,000 kWh will be $171.83, which is an increase of $6.28, or just under 4 percent, Duke Energy said in a news release. Commercial and industrial Duke customers will see impacts ranging from a 2 percent to an almost 4 percent increase.
"This extended recovery period and updated 2023 fuel cost estimates approved by the FPSC reduce the residential bill impact by $27.21, compared to the January filing," the news release reads.
The new rate adjustment also includes storm restoration work associated with hurricanes Ian and Nicole.
"We are pleased with the Florida Public Service Commission’s rapid review and approval of the updated fuel and capacity rate request. This provides more immediate relief for our customers," Duke Energy Florida state president Melissa Seixas said. "We encourage families who are facing financial hardships and need assistance to reach out to us."
Florida Power & Light customers using 1,000 kWh will adjust from $129.59 to $144.38 beginning in April—an increase of $14.79. Customers that fall under the northwest territory can expect an average increase of $3.50 to their monthly bill per 1,000 kWh usage.
With the approved changes, a TECO customer with a monthly 1,000 kWh residential bill can expect an increase of $14.41, bringing the bill from $146.72 to $161.13.
The new rate will take effect beginning in April, the companies say. It will reflect the recovery of the fuel under-recovery for a period of 21 months.
The price of natural gas rose in 2021 and 2022 and caused supply uncertainty and it led to impacts not only on utility companies but many other industries that also rely on natural gas. Utilities do not earn any money on fuel charges, according to Florida PSC.