Duke Energy Progress proposes cost reduction in annual adjustment for fuel with Public Service Commission of South Carolina

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  • If approved, home energy bills would decrease more than 4% starting in August

  • Company continues to connect customers to financial assistance and offer cost-saving tools

GREENVILLE, S.C. – Duke Energy Progress 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), the average monthly residential bill would decrease by 4.1% beginning Aug. 1.

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 $6.23, from $151.74 to $145.51.

If approved by the PSCSC, rates for commercial customers would decrease approximately 4.9% and rates for industrial customers would decrease approximately 4.4%. The specific impact to individual customers will vary according to many factors including electric usage and customer profile dynamics.

The PSCSC will consider the 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 Progress serves about 175,000 households and businesses in northeastern South Carolina, including Florence, Sumter and Darlington counties. The company's other South Carolina utility – Duke Energy Carolinas – will make its annual fuel filing in July.

Why bills will decrease

Duke Energy Progress 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 Progress 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 Progress

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.7 million residential, commercial and industrial customers across a 28,000-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 unit serves 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 advanced nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on TwitterLinkedInInstagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

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