Florida regulator OKs Duke Energy fuel, capacity and storm restoration costs

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.