Duke Energy issued the following media release Wednesday.
GREENVILLE, S.C. – Duke Energy Carolinas customers in South Carolina will see a drop in their electric rates starting Oct. 1 as part of an annual adjustment of the actual cost of fuel used to generate electricity at its power plants.
A typical residential customer in South Carolina using 1,000 kilowatt-hours (kWh) per month will see a decrease of $6.81, or about 5.6 percent. Commercial customers will see an average decrease in their bills of about 5.6 percent, and industrial customers will receive an average decrease of about 9.8 percent.
Duke Energy Carolinas makes a fuel cost recovery filing annually with the Public Service Commission of South Carolina (PSCSC). 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. By law, the company makes no profit from the fuel component of rates.
Duke Energy Carolinas works to actively manage its fuel contracts to keep fuel costs as low as possible for customers. Joint dispatch of Duke Energy's generation fleet in the Carolinas also helps to minimize the company's fuel costs. The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly.
Duke Energy Carolinas serves more than 600,000 customers primarily in the Upstate region of South Carolina.