The rate increase will not take effect immediately. You should consult with your investment advisor if you are considering investing in Duke Energy, including whether your investment qualifies for an upcoming dividend. It seeks a two-step increase, about 13% in mid-2020 and 2% in 2021, but timing will depend on regulatory approval. The increase would vary among consumers. The rate for a thousand kilowatts of power for Duke Energy was about $128 ($128.68) in December. Duke says customers should pay for coal ash clean up through electric bill rate increases. Duke Energy customers in Indiana will see their rates tick up over the next two years, after the state authorized a rate increase for the utility. Duke's original request in July 2019 — one of the largest in Indiana history — could have raised rates for customers by as much as $23 per month. The IURC in a separate order Monday denied the utilities' request for cost recovery, and also authorized an extension of the statewide moratorium on disconnections, which was set to expire on July 1. Those include reducing Duke's return on equity — or the return it earns on capital investments — and also changes the methodology for recovering those investments. Duke Energy filed its brief on Dec. 14, 2020. The last time Duke went through the formal rate … Duke Energy Indiana President Stan Pinegar said the company is currently reviewing the order. CU-CC-1-K Wholesale Power Rate Schedule. Duke Energy Carolinas, LLC has filed an application with the Utilities Commission requesting authority to raise its rates for electric service. It will take about a month for that to be compiled and reviewed by state utility regulators. That increase, however, is a "significant reduction" from the utility's original request of nearly $400 million and its later revised request of $362 million, according to a release from the Indiana Utility Regulatory Commission. Duke Energy is seeking the first increase in its base rate in Indiana since 2004. “Ultimately, this 2021 settlement agreement between DEF (Duke Energy Florida) and the parties who represent customers’ interests before the commission is a fair, reasonable, and comprehensive resolution of matters that is in the best interests of DEF and its customers, and that is therefore in the public interest,” the company said in a petition accompanying the proposed settlement. The settlement would allow Duke to earn a return on equity --- a key measurement of profitability --- of 8.85 percent to 10.85 percent. Well I satdown with CEO of Duke Energy Lynn Goode and asked her what she learned from the report and how Duke makes their decisions forfuture growth. Call IndyStar reporter Sarah Bowman at 317-444-6129 or email at sarah.bowman@indystar.com. Duke Energy today posted its fourth-quarter and year-end 2020 financial results in a news release available on the company's website. The IURC issued its order in the Duke Energy rate case on June 29, 2020, authorizing a $146 million increase in the utility's annual operating revenues. The first Duke Energy bills of 2021 are showing sharp increases, and the chilly weather is just one reason ... many third-party energy contracts expired at the end of 2020. The risk to utilities and their shareholders have been greatly reduced over the years, according to Olson, and the IURC's decision shows they shouldn't be earning as much money on that risk. The subsidiary of Charlotte-based Duke Energy said this marks its first proposed base-rate increase in the state in six years. ... Duke Energy customers will see a slight bill increase during that time of less than 50 cents. The settlement, however, includes caveats that could change the increases if, for example, federal income-tax rates are revamped. The rate increase, he said, also does not include building new renewable energy projects. Please select your state. It has not had an increase to its base rates in more than 15 years — though the utility's rates have still risen significantly over the years through different "trackers" or add-ons to the bill. Indiana regulators cut Duke Energy’s proposed rate hike by 60% The Indiana Utility Regulatory Commission ruled Monday that Duke Energy, the … The increase would be 13% in 2020 and 2% in 2021. The IURC's approved increase is actually 60% less than what Duke had asked for. This month it went down by about $4 to about $124 ($123.99). Their purpose is greater integration of generation and transmission systems to cut costs with increased efficiencies, as well as to facilitate faster regional adoption of renewable energy. 45253. Utilities and other companies benefited from a 2017 tax overhaul that lowered corporate income-tax rates from 35 percent to 21 percent. "We wanted customers to have peace of mind that their electric service would remain on at the height of the pandemic," Pinegar said in a statement to the IndyStar. What Duke Energy's rate hike means for consumers. Duke Energy shares have increased slightly more than 2% since the beginning of the year, while the Standard & Poor's 500 index has increased 4%. Here's what that means for consumers. In its decision, according to the release, the commission also implemented various rate "mitigation measures" to reduce the impact on Duke customers. Forward yield 4.25%; Payable Sept. 18; for shareholders of record Aug. 18; ex-div Aug. 16. October 1, 2020. Follow her on Twitter and Facebook: @IndyStarSarah. See stories by Jim Saunders - News Service of Florida, Elections Supervisors Voice Support For Allowing 'Super Voting' Sites Statewide, Millions In Texas Under Boil-Water Notices Because Of Winter Storm, Pinellas Sheriff's Deputy Killed By Apparent Drunk Driver, DeSantis Answers Manatee County Vaccination Criticism, Says Wealthy Residents Were Not Targeted, Duke Energy Ordered To Return $16.1 Million To Customers, Duke Energy Price Hike Approved To Cover Hurricane Dorian Costs. The public - speaking out about Duke Energy's requested rate increase. DAYTON, OHIO - A proposed agreement filed October 27, with Ohio utility regulators will limit electricity rate increases for Duke Energy Ohio customers to 2 percent in 2009 and 2010, with no increase in 2011. If the return would fall below 8.85 percent, Duke could ask the commission to change base rates. “The 2021 settlement agreement is the result of more than five months of intensive and thorough informal discovery and negotiation and determines all issues that would have been raised in a general rate case.”. The OUCC has appealed the order and filed an October 14, 2020 brief with the Indiana Court of Appeals. Worst water polluter: IPL's Petersburg plant is the worst water polluter in state, violates permit 120 times. Duke Energy partners with GIC to secure minority investment in Duke Energy Indiana, increases long-term EPS growth rate - GIC to acquire 19.9 percent minority interest in Duke Energy … Last year, Duke increased its rate for residential customers in western and central North Carolina, including in Charlotte, by an average of 0.3%, the Observer reported at the time. But … Contact: Alex Amend, alex.amend@sierraclub.org. INDIANAPOLIS -- Today, the Sierra Club appealed the Indiana Utility Regulatory Commission’s (IURC) decision approving a $146 million rate increase for Duke Energy Indiana’s customers. The Duke Energy Carolinas increase would raise revenue for the company by $168 million. Duke Energy hasn't asked for an official rate increase in 15 years, but that doesn't mean rates have stayed the same. The commission then thoroughly reviews our request and holds public hearings to allow customers to comment. Duke’s current base rates expire at the end of 2021, and the company said the proposed settlement comes after lengthy negotiations with representatives of consumers and businesses. "We are not sure where Duke Energy thinks many residents will find an extra $23 a month," Olson said. Duke Energy is proposed to increase its annual operating revenues by $395 million – an increase of approximately 17 percent across all rate levels– when fully phased in over a two-year period. The utility said they know it is "a challenging time for customers" in light of the economic struggles brought on by the pandemic. Get in touch with our energy, Pro, sales or developer teams. They make up about 60 percent of a typical Duke Energy residential bill. For the DeBary Solar Power Plant, the forecast base rate increase would begin in the April 2020 billing period. Conversely, the other parties could seek a review of base rates if the return would exceed 10.85 percent. Duke said it has taken "a number of steps as a company to help customers financially during this pandemic," including the voluntarily suspension of service disconnections for nonpayment as well as a variety of customer charges. On Monday, the state's utility regulatory agency approved a $146 million increase in annual revenue for Duke Energy. Base rates, which pay for many of the day-to-day expenses of utilities, are one of the most closely watched issues in utility regulation. Learn about EIA and Energy Department organizations that track energy prices and trends. IndyStar's environmental reporting project is made possible through the generous support of the nonprofit Nina Mason Pulliam Charitable Trust. Area: Duke Energy Progress, Western Division System: CU. Area: MEAM, MDEA, and Cooperative Energy … Click here for additional information on IURC Cause No. All customers would see annual increases of 1 percent to 2 percent in 2023 and 2024. 45253. When Duke submitted its rate request last year, the company also filed its integrated resource plan, or its 20-year outlook, that it must produce each three years. Duke Energy Florida requested approval of $62.5 million in total annual revenue requirements for its third and last group of projects. The company plans to reduce Florida rates by more than 3% while adding more solar power and making grid improvements to enhance reliability, security and resilience in 2020 and beyond. 2020 Voters' Choice Awards. Duke says customers should pay for coal ash clean up through electric bill rate increases. The evidentiary hearing is now scheduled to begin on July 27, 2020. The new plan runs from 2020 to 2024. Florida Power & Light this week made a filing at the commission that was an initial step in seeking nearly $2 billion in base-rate increases over a four-year period. The proposal, in part, includes base-rate increases of $67.246 million in 2022, $48.933 million in 2023 and $79.199 million in 2024, for a total of $195.378 million. He applauds the Commission for reducing Duke's overall ask so significantly and gives them a "big time shout-out" for also reducing its return on equity. Duke Energy rates set to lower in 2021. Duke Energy Corp (DUK) Q4 2020 Earnings Call Transcript ... with a midpoint of $5.15 and our recently increased a long-term EPS growth rate of 5% … Also, the proposed settlement includes a caveat that could allow a return on equity of as much as 11.1 percent based on a formula involving potential increases in yield rates of 30-year Treasury bonds. While not a new charge, it is now a permanent part of the rate case that will not be reevaluated once each year. Knowing where your account is located will help us serve you better. Duke Energy told 8 On Your Side there was a rate increase in April and July. Duke's controversial coal-to-gas plant in Knox County, the Edwardsport project, was nearly $2 billion over budget and has under-performed since it first opened in 2013, having repeated outages and costly repairs. Duke Energy was sued by environmental advocates and will dig up coal ash at power plants in North Carolina. The rate request "reflects important investments to serve a growing customer base and provide reliable and environmentally cleaner power," he said. The total value is $56 billion, a huge 12% increase. But at 42 and 35 cents respectively, that could only add a few dollars at most to a residential bill. Duke is the largest utility in Indiana, serving approximately 840,000 customers across the state. ... — A major bill backed by Duke Energy, which would change the way electricity rates are set in North Carolina, … Welcome to Duke Energy. The IURC issued its order in the Duke Energy rate case on June 29, 2020, authorizing a $146 million increase in the utility's annual operating revenues. Despite a 30% rise since the March 23 lows of this year, at the current price of around $83 per share, we believe that Duke Energy stock has more upside potential. The proposed settlement also deals with a series of other issues, including allowing Duke to offer a new electric-vehicle charging station program that would build on a pilot program. Commercial and industrial customers will pay an average increase of about 6.6 percent. We presented two scenarios on … Connect with IndyStar’s environmental reporters: Join The Scrub on Facebook. Actual rates for commercial and industrial customers will vary by customer group and size. Trackers The commission is slated during a Feb. 4 meeting to take up Duke’s request to collect the money. The rate increase will make investments in renewable resources possible, Duke Energy… The Office of Utility Consumer Counselor and other interested stakeholders review our filings and vet the company's request. Duke Energy partners with GIC to secure minority investment in Duke Energy Indiana, increases long-term EPS growth rate Published on January 28, 2021. Duke says a typical residential customer using 1,000 kilowatt-hours a month could expect a total monthly bill increase of about $23. Duke said in a news release that average residential customers would see bill increases of 3 percent to 4 percent in 2022, while non-residential customers would see increases of 1 percent to 6.5 percent. If approved by the commission, the settlement would set base rates from 2022 through 2024 and resolve a series of other issues. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Duke Energy filed its brief on Dec. 14, 2020. The Office of Utility Consumer Counselor, the state's consumer advocate agency, actually recommended in November 2019 that the IURC not only deny Duke's rate increase request, but also lower the utility's current rates by more than $100 million. ST. PETERSBURG, Fla., Sept. 16, 2019 /PRNewswire/ -- Duke Energy Florida (DEF) customers will see lower bills in 2020. Duke Energy Florida. The U.S. Energy Information Administration (EIA) collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment. Partner with Nest. First, Duke Energy must demonstrate to the IURC why the rate increase is needed. The utility's previous base rate order was issued in May 2004, in cause number 42359. October 1, 2020. Olson said the IURC order is bittersweet. Duke also set a goal to reduce carbon emissions by 50% by 2030 — a plan that depends on nuclear energy. Support WUSF now by giving monthly, or make a one-time donation online. The commission is slated during a Feb. 4 meeting to take up Duke’s request to collect the money. Duke Energy stock went from $32.75 at the end of 2009 to $90.33 at the end of 2019, representing a change of 175.8%. Duke Energy's recovery of nearly $700 million in coal-ash cleanup costs in rates approved in 2018 is back in question after a ruling by the state Supreme Court. WUSF 89.7 depends on donors for the funding it takes to provide you the most trusted source of news and information here in town, across our state, and around the world. Duke Energy Total Debt has increased from $50.4 billion to $61.3 billion between 2016 and 2019. They would increase rates by $262 million a year, or about 7%. Duke Energy provides detailed rate information to help you understand your energy bill. "We remain committed to working with customers who may be struggling financially.". For a residential electric customer using 1,000 kilowatt-hours per month, the current monthly bill of $102.71 would increase to $108.43 under Duke… A cash dividend payment of $0.965 per share is scheduled to be paid on September 16, 2020… Opponents of Duke Energy's plan say customers shouldn't be forced to pay for the energy provider's mistakes. The approved increase will be implemented in two phases, according to the commission: one in 2020 and the remainder in 2021. [ Duke Energy seeks 6 percent rate rise for customers in western NC] “We don’t take any increase in rates lightly,” said Meredith Archie, with Duke Energy. Duke originally requested nearly $400 million in rate increases, one of the largest requests in the state’s history. On Thursday, Dec. 17, the Michigan Public Service Commission (MPSC) approved a Consumers rate increase … Consumers Energy customers will see their electricity rates go up starting Jan. 1. Area: KU Area System: CU. Duke Energy does not set the Ex-Date, which is based on external market factors. For both the Lake Placid and Trenton solar power plants, the forecast base rate increase would begin in the January 2020 billing period. It is unclear at this time exactly how much of an increase ratepayers will see on their bills. CU-CEK-1-J Wholesale Power Rate Schedule. That said, Sierra Club and CAC are also "very displeased" with the commission's decision to transition payment for the Edwardsport gasification plant in the base rate. Exactly one month after the state approved the $146 million rate increase for Duke Energy, ... the new rates will still take effect across two phases, one in 2020 and the other in 2021. Duke customers will see a monthly bill increase of 59 cents per 1,000 kilowatt hours beginning in January 2020 to pay for the projects, as well as another 33-cent increase beginning in April 2020. And the new investments in renewables doesn't come until 2023. Jim Saunders is the Executive Editor of News Service of Florida. Duke Energy Corporation (DUK) will begin trading ex-dividend on August 13, 2020. Residents are concerned about the proposal. The petition described the multifaceted settlement as an “interdependent package” and requested that regulators approve it without changes. The average Duke Energy customer currently pays about $14 per month for the Edwardsport plant in their monthly bill through a "tracker," or add-ons to the bill. Duke Energy Florida should get approval to collect $171.3 million from customers to cover costs related to last year’s Hurricane Dorian, staff members of the Florida Public Service Commission have recommended. Duke Energy asked in its filing that the commission make a decision on the rates no later than August 1, 2020. The utility company asked for a $23 increase … Duke Energy Florida is asking state regulators to approve a proposed settlement that would lead to about $195 million in rate increases over three years and avoid a potentially lengthy and expensive battle over base rates. Consumer advocates, Duke Energy and the staff of the Public Utilities Commission of Ohio negotiated the rate agreement. However, it is 60% lower than requested. Both environmental and consumer advocates have called into question such justifications. utility's original request of nearly $400 million, IPL's Petersburg plant is the worst water polluter in state, violates permit 120 times, Your California Privacy Rights/Privacy Policy. It’s a … Click here for additional information on IURC Cause No. Still, Duke and several of the state's other investor owned utilities filed a request to be able to recover pandemic-related costs, including the cost of electricity they did not sell. Duke Energy Carolinas and Duke Energy Progress filed separate rate increase requests. The settlement was reached with the state Office of Public Counsel, which represents consumers; the Florida Industrial Power Users Group, which represents some major electricity users; PCS Phosphate and Nucor Steel Florida Inc. The utility's previous base rate order was issued in May 2004, in cause number 42359. "As Indiana’s largest electric utility, Duke should be leading the transition away from expensive dirty energy that pollutes our communities and climate, instead of refusing to move rapidly toward the clean, affordable energy that customers deserve and demand,” Sierra Club's Beyond Coal campaign in Indiana said in a statement. New base rates for Duke Energy Indiana were approved in June 2020. Duke Energy (NYSE:DUK) declares $0.890/share quarterly dividend, 4.1% increase from prior dividend of $0.855. It looks like you're in . Duke Energy Florida should get approval to collect $171.3 million from customers to cover costs related to last year’s Hurricane Dorian, staff members of the Florida Public Service Commission have recommended. Published January 16, 2021 at 8:18 AM EST. Also, a summary of the settlement filed at the U.S. Securities and Exchange Commission said it includes speeding up from 2042 to 2035 the retirement of two coal-fired power plants at the utility’s Crystal River North site. A typical residential customer who uses 1,000 kilowatt-hours of electricity each month will pay about $94.87 per month – an increase of about $8.48 over current rates. If approved, Duke Energy Florida residential customers would see bill increases of 3 to 4% in 2022, and annual increases of 1 to 2% in 2023 and 2024. Still, it will likely be 6% increase or more for residential customers, according to Kerwin Olson, executive director of consumer advocacy group Citizens Action Coalition. CU-CK-1-J Wholesale Power Rate Schedule. In that plan, most of Duke's coal plants — as much as 90% of its power comes from coal — will continue operating through the late 2020s or later. INDIANAPOLIS — Duke Energy customers will see a rate increase. "That displays the commission is finally listening to the public a bit more and recognizing their duty to balance the interest of both the public and utilities," Olson said, adding it will keep bills lower for customers. Duke Energy Carolinas files N.C. rate increase request Published on February 4, 2013 CHARLOTTE, N.C. - Duke Energy Carolinas today filed a request with the North Carolina Utilities Commission (NCUC) to increase electric rates by approximately $446 million, for an overall increase of 9.7 percent. CU-CM-1-J Wholesale Power Rate Schedule. Area: East Kentucky System: CU October 1, 2020. Similarly, rates could be adjusted if President-elect Joe Biden’s incoming administration and Congress change federal income-tax rates. … If such an increase was triggered, the amount of money collected in base rates could go up. OUCC spokesman Anthony Swinger said the agency is still reviewing the commission's order and does not have a comment at this time. This website and information contained on this website should not be relied upon for investment purposes. Duke Energy was sued by environmental advocates and will dig up coal ash at power plants in North Carolina. Aug 6, 2020, 7:53pm EDT Regulators say Duke Energy Carolinas can impose a temporary rate increase of $235.3 million in annual revenue on its roughly 2 … “The parties engaged in negotiation before DEF filed its general base rate case, for administrative efficiency and to avoid expensive litigation,” the petition said. Confirm or CHANGE STATE {DB9657AE-8662-4CE8-BEF6-67362F9E785F} Welcome to Duke Energy.
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