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Progress Energy Florida Files Requests To Reduce Customer Rates

Stocks in this article: DUK

ST. PETERSBURG, Fla., Aug. 31, 2012 /PRNewswire/ -- Progress Energy Florida, a subsidiary of Duke Energy, today filed requests to lower  average residential customer bills by 6 percent.

The company filed its annual requests with the Florida Public Service Commission (PSC) to recover the costs the company has paid for fuel used to generate electricity and purchased power. Fuel is one of the largest components of the electric rate.

Upon approval, the company's annual filings would result in an overall decrease of approximately $7.44 per month, or nearly $90 per year, on a 1,000 kilowatt-hour (kWh) residential bill, from the current $123.19 to about $115.75. If approved by the PSC, new prices will take effect with the first billing cycle in January.

"Progress Energy Florida is working to manage and mitigate expenses, and we are focused on keeping electric costs as low as possible for the more than 1.6 million households and businesses that depend on us," said Vincent Dolan, Progress Energy Florida state president. "We are working every day to operate our business more efficiently while continuing to provide our customers increasingly clean, reliable and affordable power now and in the future."

The total reduction includes a $129 million refund to customers in 2013 as part of a comprehensive rate settlement previously approved by the Public Service Commission.

Customers will benefit from settlement-related refunds totaling $288 million through 2016.

A filing for investments in environmental compliance projects as required by state and federal law was made Aug. 30. The company plans to file its costs for annual energy-efficiency programs Sept. 12.

Below is a summary of the filings, based on a monthly 1,000-kWh residential bill:

  • Fuel: Filed today; decrease of $14.67 (from $48.60 to $33.93)
  • Purchased power: Filed today; increase of 70 cents (from $11.74 to $12.44)
  • Environmental compliance: Filed Aug. 30; decrease of 42 cents (from $5.45 to $5.03)
  • New nuclear generation: Filed May 1 and revised by a partial deferral requested Aug. 14; increase of $1.87 (from $2.86 to $4.73)
  • Energy-efficiency programs: To be filed Sept. 12; projecting minimal change from the current $2.88 charge.

When the adjustments in these filings are included with previously approved base rates and the gross receipts tax, the average customer bill would reflect an average decrease of $7.44 per month.

The largest decrease is in the fuel charge, which recovers the actual cost of fuel, mainly natural gas and coal, used to generate electricity. The continued low commodity price of natural gas and the settlement refund have reduced this charge. 

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