Duke Energy and TEC customers won’t see rates increase

TALLAHASSEE, Fla. (CAPITOL NEWS SERVICE) - Duke Energy and Tampa Electric Company customers will not see an increase in their monthly bills, despite recent hurricanes.

Despite recent hurricanes, Duke Energy and Tampa Electric Company customers will not see a rate increase. (MGN)

The Public Service Commission approved a settlement for both companies Tuesday morning that will allow them to use money the businesses saved as a result of the 2017 Tax Cuts and Jobs Act to cover storm-related costs. The settlement was supported by PSC Chairman Art Graham.

"These agreements are in the public interest because they reduce storm cost recovery for customers and implement processes and procedures that will continue to benefit customers,” said Graham in a statement.

“These procedures require better documentation, more communication with vendors before a storm hits and setting expectations with vendors about invoicing and work management up front,” said Jeffry Wahlen, a lawyer with Tampa Electric Company.

Duke Electric received $484 million in savings and Tampa Electric Company received $91 million in savings from President Trump’s tax reform.