Duke Energy Florida files for base rate hike as it seeks 14 new solar sites (NYSE:DUK)

Duke Energy’s (NYSE:DUK) Florida unit said Tuesday it filed for new base rates with state regulators, requesting nearly $820M in revenue during 2025-27, a cost which would be passed onto customers.

Duke Energy Florida (DUK), which serves nearly 2M people, said the base rate filing aims to help it increase efficiency and reduce outages while investing in 14 new solar sites totaling 1,050 MW.

The company said the expected impact of the requested base rate changes would see a ~4% average annual increase of the total bill during 2025-27; for an average residential customer, the rate impact for just the base rate increase would total ~$16.48 in 2025, $2.73 in 2026 and $4.93 in 2027 on a 1,000-kw bill.

Duke (DUK) also said it plans to file a fuel and capacity rate request due to falling natural gas costs, which would lower a typical customer bill by $5, in addition to a $11.29 decrease that began in January 2024; the rate change would take effect after the Florida Public Services Commission approves the request.

On Monday, Duke’s (DUK) Piedmont Natural Gas unit, which serves more than 800K customers, filed a request with North Carolina regulators to raise its base rates.