GREENVILLE, S.C., July 1, 2014 /PRNewswire/ -- Higher fuel costs caused by the extreme weather conditions associated with this winter's polar vortex contributed to a slight increase in the fuel component of rates for Duke Energy Progress customers in South Carolina.
Residential customers will also see a decrease in the charge for implementing energy efficiency programs that help customers save energy and money.
As approved by the Public Service Commission of South Carolina, beginning today a typical residential customer using 1,000 kilowatt-hours of electricity per month would see a bill increase of $0.14, from $104.88 to $105.02, or about 0.1 percent. This total includes an increase of $0.22 per month in the residential fuel charge, and a decrease in the residential demand-side management/energy efficiency (DSM/EE) charge of $0.08.
Commercial customers will see an overall increase of 2.8 percent and industrial customers will see a 1.2 percent increase.
By law, the company makes no profit from the fuel component of rates.
Duke Energy Progress works to actively manage its fuel contracts and leverage the benefits of the merger between Duke Energy and Progress Energy to keep fuel costs as low as possible for customers.
Duke Energy Progress makes a fuel cost-recovery filing annually in South Carolina. The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true up of the prior year's projection. The Public Service Commission reviews fuel costs and adjusts the fuel component of customer rates accordingly.
Duke Energy Progress also files annual adjustments to the DSM/EE portion of customer bills. The DSM/EE charge covers a portion of the cost of implementing energy efficiency programs and providing incentives to help customers take control of their energy usage and save money. The charge is reviewed annually by the Public Service Commission.
Duke Energy Progress
Duke Energy Progress, a subsidiary of Duke Energy (NYSE:DUK), provides electricity and related services to nearly 1.5 million customers in North Carolina and South Carolina. The company is headquartered in Raleigh, N.C., and serves a territory encompassing more than 34,000 square miles including the cities of Raleigh, Wilmington and Asheville in North Carolina and Florence and Sumter in South Carolina. More information is available at www.progress-energy.com.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.
Contact: Ryan Mosier
Office: 864.370.5036 | 24-Hour: 800.559.3853
Contact: Jeff Brooks
Office: 919.546.4710 | 24-Hour: 800.559.3853
Logo - http://photos.prnewswire.com/prnh/20130322/CL81938LOGO
SOURCE Duke Energy