Duke Energy Florida files revised settlement agreement, includes investments in green technology

Duke Energy Florida recently filed a revised settlement agreement with the Florida Public Service Commission (FPSC), which includes approximately $6 billion in investments in solar energy, smart meters, grid modernization initiatives, grid resilience projects, and optional billing programs over the next four
years.

The settlement also includes plans to install electric vehicle charging stations as well as a battery storage
pilot program.

“This settlement allows us to move forward to create a smarter energy future for our customers and communities,” Harry Sideris, Duke Energy state president – Florida, said. “…It also makes smart
investments that will offer customers more information, choices, and control of their energy needs while
also providing greater reliability.”

Additionally, Duke Energy announced it is no longer moving forward with its Levy Nuclear Project and that its customers would pay no further costs related to it.

Specifically, the revised agreement will include a reduction of $2.50 per 1,000 kilowatt hours for residential customers through the removal of costs associated with the Levy Nuclear Project, a reduction of $2.53 per 1,000 kilowatt hours for residential customs by spreading costs for under-recovered fuel, the addition of 700 megawatts of cost-effective solar power facilities, and expanded customer choices with two new option billing programs, among other additions.

“This settlement agreement shows that we’re listening to our customers and key stakeholders,” Sideris said. “Our customers have told us they want electricity that is reliable, increasingly clean and more secure. They also want more value and options for their energy needs. This settlement delivers on all these customer and stakeholder expectations.”

Should the settlement be approved by the FPSC, Duke Energy Florida said its residential, commercial and industrial customer bills are expected to rise at the same rate as inflation, increasing by approximately 1 to 3 percent.