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Duke Energy and TECO ask for customer rate increases
ST. PETERSBURG, Fla. — Thousands of people in Tampa Bay may soon see an increase in their electric bill.
Duke Energy and TECO are asking the Florida Public Service Commission for restoration costs in response to the summer hurricanes.
It’s a potential rate increase that St. Petersburg resident Noah Neumiller doesn’t want to see.
“It should be a time for giving, not taking from people,” he said.
TECO is seeking more than $450 million and Duke Energy is trying to recover more than $1 billion.
If the Florida PSC approves these requests, all customers would see a rate increase.
The average residential customer for TECO would be around $31 a month, while for a Duke Energy customer, it would be around $21 a month.
While Neumiller said he would be ok, he’s not sure about others in the community.
“30 bucks is a lot of money,” he said. “Let’s be honest. I mean, I have the luxury to spend that, but most people don’t.”
In a press release, TECO said “Restoring power after those storms has more than exhausted the company’s storm reserve, which was established to pay for damage from named storms.”
Duke Energy said they are working to minimize the impact on customer’s bills as much as possible. The overall goal is to strengthen the electric grid to help prevent future issues.
The rate increase for both companies would continue for a year before returning to their current rates.
The Florida PSC has not yet approved the rate increases.
Duke Energy and TECO, two major energy providers in Florida, have recently filed requests with the state’s Public Service Commission to increase customer rates. Duke Energy is seeking a rate increase of about 8% for residential customers, while TECO is asking for a 10% increase.
The companies cite rising costs of maintaining and improving infrastructure, as well as the need to invest in new technologies and renewable energy sources, as reasons for the rate hikes. However, many customers are concerned about the impact these increases will have on their monthly bills.
Both Duke Energy and TECO have stated that they are committed to providing reliable and affordable energy to their customers, but it remains to be seen how the Public Service Commission will respond to their requests. In the meantime, customers are encouraged to stay informed and voice their opinions on the proposed rate increases.
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