Duke Energy Florida customers could soon see their monthly bills increase as the utility seeks to recover over $1 billion in costs related to restoring power after three hurricanes this year.
The estimated costs, ranging from $1.1 billion to $1.3 billion, stem from hurricanes Debby, Helene, and Milton, which caused widespread damage across Duke Energy Florida’s service territory. Hurricane Milton, which made landfall in Sarasota County as a Category 3 storm in October, accounts for the largest portion of the estimated costs, ranging from $700 million to $850 million.
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Duke Energy plans to file a request with the Florida Public Service Commission (PSC) in December to recoup these expenses from customers. If approved, the storm recovery charges could be added to customer bills as early as March 2025.
This move follows a similar request by Florida Power & Light, which is seeking PSC approval to collect nearly $1.2 billion in storm-related costs.
While acknowledging the need to recover storm-related expenses, Duke Energy said it is also looking for ways to minimize the impact on customer bills, including through financing mechanisms like securitization and utilizing its storm reserve fund.
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The report also indicated Duke is looking to hold down costs on customers’ monthly bills, including through a financing mechanism known as securitization.
“We will continue the important work of rebuilding our communities in the weeks and months ahead, including power infrastructure in the hardest-hit areas of our service territories,” the report said. “We also plan to work with our state commissions to appropriately track and recover storm costs under approved regulatory frameworks on a timely basis. We will also remain focused on balancing the bill impacts on our customers from such catastrophic events, including seeking insurance recovery and exploring the potential securitization of related costs in certain jurisdictions, as appropriate.”
The exact amount customers could be required to pay has not yet been determined. However, Duke Energy acknowledged that the storm cost recovery will likely affect rates as early as March 2025.
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