Customers of Tampa Electric Co. and Duke Energy Florida should anticipate lower electricity costs beginning in June, according to approval from state regulators. The state Public Service Commission issued the decision without deliberation, and it comes after Florida Power & Light received a similar clearance last month.
The savings are the result of lower-than-expected natural gas prices, which play a big role in Florida’s electricity production. The authorized proposals seek to transfer the cost savings to customers in light of the volatility of gas prices.
According to commission data, consumers of Tampa Electric may anticipate savings of about $137.9 million, while customers of Duke Energy Florida are expected to save over $233.5 million.
Duke Energy Florida prices for residential customers who use 1,000 kilowatt hours of power per month will drop from $160.58 in May to $154.68 in June. Likewise, clients of Tampa Electric falling into the same group will notice a decrease in their costs from $143.48 to $136.44.
This bill reduction, which is partially attributable to lower fuel prices, supplements earlier reductions that the utilities started at the beginning of 2024.
Duke Energy Florida state president Melissa Seixas expressed excitement about the approvals, pointing out that warmer weather is on the horizon. She emphasized that in addition to base electric rates, consumers’ bills also include fuel costs and environmental project fees, with fuel prices making up the second-largest portion.
Customers will experience immediate relief from the agreed proposals, although talks regarding possible base rate increases from 2025 to 2027 are still underway. In addition, should any storms hit Florida this year, the effect of hurricane-related restoration expenditures may have an impact on subsequent bills.
The Public Service Commission’s recent moves are in line with its April decision to allow fuel cost savings for Florida Power & Light customers, which also benefitted areas that Gulf Power had previously served. These preventative actions are intended to lessen consumer financial constraints and guarantee stable energy prices in the face of shifting market conditions.