Duke Energy Florida Announces Intent for Rate Hike Plan

Duke Energy (DUK) has released an update.

Duke Energy Florida notified the Florida Public Service Commission of its intention to file for new base rates on April 2, 2024, with a three-year rate plan set to commence in January 2025. This plan includes incremental base rate revenue increases totaling approximately $596 million in 2025, $95 million in 2026, and $127 million in 2027, representing an average annual revenue requirement rise of around 4%. Additionally, DEF aims to establish a return on common equity at 11.15% based on a capital structure of 53% equity and 47% debt.

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For a comprehensive understanding of the announcement, you can read the full document here.