Good News for Tampa Bay: TECO and Duke Bills May Decrease for Residents This Summer

Duke Energy Florida and Tampa Electric Co. customers can anticipate reduced monthly bills this June, thanks to recommendations from state Public Service Commission staff members following a decline in natural gas costs. Both utilities have proposed passing on these savings to customers, citing the significant role of natural gas in powering their plants. Commission staff have recommended approval of these bill reductions during a meeting scheduled for May 7.

Duke has projected a substantial $233.5 million in fuel savings to be passed on to customers over the course of a year, starting from June. Similarly, Tampa Electric aims to provide $137.9 million in savings to its customers. While the commission typically sets projected fuel costs for the upcoming year each fall, significant deviations from these projections allow utilities to request a “mid-course correction,” as demonstrated by Duke and Tampa Electric’s proposals.

The volatility of natural gas prices in recent years underscores the impact on customer bills. Price surges result in increased costs for customers, while drops translate to bill relief. Regulations prevent utilities from profiting from these fluctuations, ensuring that fuel costs remain a pass-through expense to customers. Notably, on April 2, the commission approved reductions in Florida Power & Light bills due to lower-than-expected fuel costs.

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