Duke Energy Carolinas is proposing a decrease in monthly fuel costs for its South Carolina customers beginning this fall as part of an annual adjustment of the actual cost of fuel used to generate electricity at its power plants, according to a news release.
If approved, a typical residential customer in South Carolina using 1,000 kilowatt-hours per month would see a decrease of $6.81, or about 5.6%. Commercial customers also would see an average decrease of about 5.6 percent, and industrial customers would receive an average decrease of about 9.8%, the news release said. The new rates would go into effect Oct. 1.
Duke Energy Carolinas makes a fuel cost recovery filing annually with the Public Service Commission of South Carolina. 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, the release said. 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, according to the release. The commission reviews fuel costs and adjusts the fuel component of customer rates accordingly.
Duke Energy Carolinas has more than 600,000 S.C. customers, primarily in the Upstate. The company’s other South Carolina utility — Duke Energy Progress — made its annual fuel filing earlier this year.
Duke Energy Carolinas, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation, the release said. The company provides approximately 20,200 megawatts of owned electric capacity to about 2.6 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.