Apr 4, 2024 - News

Duke Energy and TECO bills to fluctuate in Florida

Illustration of dollar bills on a roller coaster track.

Illustration: Shoshana Gordon/Axios

Your electric bill is about to go through some ups and downs.

Why it matters: A recent drop in natural gas prices will save residential customers money in the short term, but infrastructure improvements and solar projects will drive bills back up next year.

Driving the news: Duke Energy and Tampa Electric Co. (TECO), Tampa Bay's two largest power providers, both announced on Tuesday that they'd pass on natural gas savings to residential customers this year — and that they filed to increase base rates starting in 2025.

  • Duke customers will be paying for grid improvements and solar farms, while TECO customers will cover infrastructure improvements, increased solar capacity and population growth costs.

Duke customers should save about $5 on their bills starting in June or July once the Florida Public Service Commission approves the company's filing.

  • In 2025, customers will pay about $16.48 more per month, then $2.73 more in 2026 and $2.93 more in 2027.
  • Even with the base rate bump, bills are expected to decrease a few dollars next January compared to this year since storm resilience costs added in 2022 will expire.

TECO customers are expected to save about $7 starting in June.

  • They'll pay an estimated $5 more next January. The company didn't provide estimates for 2026 and 2027.

The big picture: The spike in natural gas prices in 2022 and 2023 have pushed electric bills up over the last few years.

What's ahead: Floridians around the state can share their thoughts on rate hike proposals at Public Service Commission hearings to be scheduled in the coming months.

  • TECO expects a hearing in June in Hillsborough County.

Go deeper: If you want smart, quick intel on energy and climate policy, get Axios Pro.

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