DUK - Florida regulator OKs Duke Energy fuel capacity and storm restoration costs

2023-03-07 14:27:04 ET

Duke Energy ( NYSE: DUK ) said Tuesday the Florida Public Service Commission approved its updated fuel and capacity rate request and the recovery of storm restoration costs.

Duke said the PSC will allow a ~4% rate hike for residential customers, whose monthly bill would rise $6.28 on average to $171.82, while commercial and industrial customers will see bill impacts ranging from a 2% to 3.9% increase; the new rates will take effect beginning in April.

Florida sustained heavy damaged by hurricanes Ian and Nicole in 2022, and Duke ( DUK ) said the rate hikes reflects the recovery of costs incurred to secure the resources to restore power.

Duke Energy Florida ( DUK ) supplies electricity to 1.9M residential, commercial and industrial customers across a 13K-square-mile service area.

Shares of Duke Energy ( DUK ) trade lower Tuesday after Federal Reserve Chairman Jerome Powell said inflationary pressures left the door open to further interest rate hikes .

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