Under-recovery means the actual cost of fuel is higher than the cost customers are paying. Due to the historic rise in the cost of fuel, the company is projecting higher fuel costs in 2023 and is under-recovered in 2022. Today’s filing is the result of unprecedented fuel cost increases. Since the beginning of the year, natural gas prices have more than doubled, driven by increased domestic demand, flat natural gas production, strong LNG exports to Europe and Asia, and low natural gas storage inventories. The natural gas market has not stabilized and continues to be extremely volatile. These costs are market-driven and passed through to customers with no markup.
Through past efforts such as 2021’s Rate Mitigation Plan, Duke Energy Florida sought to lessen the impact to customers from the fuel price increases. Our goal is to provide the best possible price for our customers.ĭuke Energy Florida does not profit from these increased fuel costs, and the company proactively takes measures to insulate customers from volatility. Through cost management and careful planning, Duke Energy Florida has made thoughtful investments to significantly enhance service reliability and reduce emissions while lowering rates for our customers. The company works diligently to reduce costs while ensuring safe, reliable, cleaner energy 24/7 to meet our customers’ growing needs. “We’re connecting customers to available assistance and providing energy-saving tools and programs to help manage their bills and lessen the impact. “We understand our customers continue facing increased financial demands in all parts of their lives,” said Melissa Seixas, Duke Energy Florida state president. – Rising fuel prices are driving up costs to provide service to Duke Energy Florida customers in January 2023. Company continues to offer customer assistance, extended payment plans and cost-saving tools.
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