The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. By law, the company makes no profit from the fuel component of rates.
If approved, the total monthly impact for a typical residential customer in South Carolina using 1,000 kilowatt-hours (kWh) per month would be an increase of $4.75. Commercial customers would see an average increase in the fuel charge of about 6.1%, and industrial customers would receive an average increase of about 8.0%.
Natural gas prices rose this winter due to heavy demand for residential, commercial, and industrial usage to meet customer energy needs during prolonged freezing conditions. These increased prices, coupled with high demand, contributed to an under collection for the cost of fuel over the past year. The elevated demand for power resulted in the highest energy usage week on record in the Carolinas.
The fuel rate is based on the projected cost of fuel used to provide electric service to the company’s customers, plus a true-up of the prior year’s projection. If approved by the PSCSC, the new fuel rates would go into effect 1 Oct.
Duke Energy Carolinas serves customers primarily in the Upstate of South Carolina.
Helping customers save
Duke Energy Carolinas works to actively manage its fuel contracts to keep fuel costs as low as possible. Savings achieved from the joint dispatch of Duke Energy’s generation fleet in the Carolinas also help to minimize the company’s fuel costs.
Duke Energy Carolinas is also committed to helping customers take control of their energy use and manage their bills. The company offers energy-saving tips and innovative efficiency programs for every budget to help customers realize additional savings. For example, the Home Energy House Call is a free in-home energy assessment, valued at $180, designed to give Duke Energy customers more information about how they use energy in their home and strategies to save money on their monthly bill.
Source: Company Press Release
