Duke Energy Florida (DEF) is currently one of the largest electricity providers in the Sunshine State, serving over 1.8 million retail customers. Yesterday, May 4th, 2021, DEF's proposal to increase rates over the next three years was approved by the Florida Public Service Commission (FPSC). Rate increases will vary by year, with a 3-4% increase expected for residential customers in 2022, a slightly lower increase in 2023, and a slightly higher increase (compared to 2022) in 2024.
After a slight rate decrease at the start of 2021, this decision reignites the FPSC's recent trend of approving base rate increases requested by utility providers in the state. DEF was granted a rate increase of 8.5% in 2018, another increase of about 1% in 2019, and a 4% increase in 2020. These upcoming rate adjustments will help DEF further solidify it's position as one of the most expensive electricity providers in the state of Florida.
Read the press release from the FPSC here.