If approved, the new fuel rates will be the lowest since 2006
GREENVILLE, S.C. – South Carolina customers of Duke Energy Carolinas will receive more than $5 in monthly savings starting this fall if the Public Service Commission of South Carolina (PSCSC) approves the company’s proposed new fuel rates.
If approved by the PSCSC, the new fuel rates, which would go into effect Oct. 1, would be the lowest since 2006.
What’s driving customer savings
On July 22, Duke Energy Carolinas made its annual fuel filing with the PSCSC for costs associated with the purchase of fuel.
Under the proposal, typical residential customers using 1,000 kilowatt-hours (kWh) per month would see their bills decline from the current $116.57 to $110.92, a savings of $5.65.
General service customers would see an average decrease in the fuel charge of about 6.4 percent, and industrial customers would receive an average decrease of about 10.5 percent.
The main reasons for the proposed overall decrease in rates include:
- Lower projected coal and natural gas fuel prices
- A $75 million decrease in the prior period true-up of fuel costs, as compared to the prior period true-up included in the current bill
Key factors in the company’s ability to maintain lower fuel and fuel-related rates include its diverse generating portfolio mix of nuclear, coal, natural gas, and hydro; lower natural gas prices; the capacity factors of its nuclear fleet; and fuel procurement strategies that mitigate volatility in supply costs.
Duke Energy Carolinas 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.
The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. By law, the company makes no profit from the fuel component of rates.
Duke Energy Carolinas works daily to offer its customers electric rates in South Carolina that are consistently below the national average.
The company also offers energy-saving tips and innovative efficiency programs to help customers realize additional savings.
One such program is the Home Energy House Call – a free in-home energy assessment, valued at $180, designed to help Duke Energy customers learn how they can use electricity more efficiently to reduce their monthly bill.
To learn more about these programs, visit www.duke-energy.com/savings.
About Duke Energy Carolinas
Duke Energy Carolinas owns nuclear, coal-fired, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides approximately 19,600 megawatts of owned electric capacity to about 2.5 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.
Headquartered in Charlotte, N.C., Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
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