Duke's proposed fuel rates would cut typical home's bill by over $5

Proposed new fuel rates from Duke Energy Carolinas, currently pending review and approval from the Public Service Commission of South Carolina (PSCSC), would save typical residents of that state more than $5 each month on their energy bills starting this fall.

The proposal is part of Duke Energy Carolinas' annual fuel filing with the PSCSC, covering costs associated with the purchase of fuel that the company recently submitted. The reductions are based on projected coal and natural gas fuel prices, which stand to see reductions. Duke Energy Carolinas also cited a $75 million decrease in the prior period true-up of fuel costs, compared to the prior period’s.

Duke’s South Carolina residential customers would save an average of 6.4 percent, while commercial customers would save 10.5 percent in their fuel charges. This translates to a household bill for 1,000 kilowatt-hours (kWh) falling from $166.57 to $110.92.

Duke has been able to keep fuel prices and fuel-related rates low due to its diverse portfolio, including nuclear, coal, natural gas and hydro power. The company also has benefited from reductions in the costs of natural gas, as well as the capacity of its nuclear facilities and its procurement strategies for fuel.