Duke Energy Florida reaches settlement agreement for modernization investments

The Florida Public Service Commission (FPSC) approved Wednesday a Duke Energy Florida settlement agreement that will allow them to make investments in modernization projects.

The commission also approved the utility’s fuel, capacity, energy conservation, and environmental costs.

The agreement includes investments of over $6 billion over the next four years, including investments in solar energy, smart meters, and optional billing programs for customers and reliability, resiliency, and security projects. It also includes plans to install electric vehicle charging stations and begin a battery storage pilot program.

Under the agreement, the company will no longer move forward with the Levy County nuclear project and customers will not pay any further costs associated with the project.

“This settlement agreement allows us to move forward and deliver what our customers and stakeholders have told us they want from their energy provider,” Harry Sideris, Duke Energy Florida state president, said. “We will be able to provide cleaner, more reliable energy along with more information, allowing our customers to better manage their energy needs.”

Beginning January 2018, the residential rate will be $123.88 per 1,000 kilowatt-hours (kWh), which includes a reduction of $4.65 per 1,000 kWh as a settlement benefit. The portion of bills associated with the settlement will increase approximately 1 to 3 percent annually in 2019 to 2021 for typical residential, commercial, and industrial customers.