Investing.com
Published Apr 05, 2024 00:58
"Since our last base rate increase in 2020, we've invested $1.6 billion in our electric grid, power plants and overall system on behalf of our customers, including advanced technology that has helped prevent more than 185,000 power outages," said Duke Energy Indiana President Stan Pinegar.
"We know that utility costs can be a major part of a household and business's budget and that customers expect us to do our part to keep bills as low as possible," Pinegar said. "We have kept our day-to-day operating costs flat since 2020 while we make long-term investments to serve customers. We also are proposing voluntary, 'time-of-use' rates to help manage customer bills. Fortunately, fuel costs for our electricity production have declined, and residential customer bills are about 25% lower than they were in late 2022."
Filed
The increase will vary among consumers depending on the cost to serve different types of customers, such as residential and business. The total monthly impact of the two steps for a residential customer using 1,000 kilowatt-hours a month would be about 19%, or $27.63.
As a regulated business, Duke Energy's rates can only be changed after approval from state utility regulators, so there is no immediate impact from this request. There will be extensive public proceedings, including opportunities for customer input. A regulatory decision is possible in early 2025.
To help customers manage their electric bills, Duke Energy is proposing time-of-use rates where customers can shift some of their power use to times of day when energy is less expensive. If the program is approved, it would be voluntary for residential, commercial and industrial customers interested in participating.
Investments, improvements and upgrades
Some of the components of Duke Energy's request include:
Energy assistance and bill management
In addition to the proposed time-of-use rates, Duke Energy has more than a dozen energy assistance and bill-lowering tools, including:
For more information about these programs and others, visit: duke-energy.com/LowerMyBills. There is also more information on this rate request at duke-energy.com/IN-Rates.
Duke Energy Indiana
Duke Energy Indiana, a subsidiary of Duke Energy, provides about 6,800 megawatts of owned electric capacity to approximately 900,000 customers in a 23,000-square-mile service area, making it
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
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 LinkedIn , Instagram and Facebook (NASDAQ:META), and visit illumination for stories about the people and innovations powering our energy transition.
Contact: Angeline Protogere
Office: 317.838.1338 | 24-Hour: 800.266.3853
Written By: Investing.com
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