Summary
Duke Energy Corporation, through its subsidiary Duke Energy Ohio, announced on December 17, 2008, that the Public Utilities Commission of Ohio (PUCO) approved a settlement agreement for Duke Energy Ohio's electric security plan. This approval is significant as it establishes the generation rates for Duke Energy Ohio customers from 2009 through 2011, providing a degree of certainty regarding energy costs. The settlement, reached with various stakeholders including the PUCO Staff and the Ohio Consumers' Counsel, allows for modest annual increases in the base cost for generation service. Specifically, residential customers will see approximately a 2% increase in their total bill in 2009 and 2010, while non-residential customers will face similar increases annually from 2009 through 2011. The agreement also ensures that the bill will continue to incorporate cost-based trackers for fuel, purchased power, capacity, and environmental compliance expenditures, reflecting potential fluctuations in these underlying costs.
Key Highlights
- 1PUCO approved Duke Energy Ohio's Electric Security Plan (ESP) settlement.
- 2The settlement establishes generation rates for 2009 through 2011.
- 3Residential customers to see approx. 2% annual increase in total bill for generation service in 2009 and 2010.
- 4Non-residential customers to see approx. 2% annual increase in total bill for generation service from 2009 through 2011.
- 5Generation service bills will continue to include cost-based trackers for fuel and purchased power.
- 6Cost-based trackers will also cover capacity purchases and environmental compliance expenditures.
- 7The agreement was reached with most intervening parties, PUCO Staff, and the Ohio Consumers' Counsel.