The Kentucky Public Service Commission (PSC) issued an order on Dec. 28 approving new rates for Duke Energy Kentuckys 102,000 natural gas customers, effective beginning in January.
Average residential usage will result in an approximate 6.27% increase in monthly natural gas bills. The increase will vary depending on the amount of natural gas a customer uses, a customers rate class and the market price of natural gas.
The company does not earn any profit from increases in fuel costs.
Duke Energy Kentucky provides gas service to customers in Boone, Campbell, Grant, Kenton, Bracken, Gallatin and Pendleton counties. The PSCs order does not impact electric rates.
A rate agreement was reached with the consumer advocate, the Kentucky attorney general, in October, and public meetings and hearings were held in October seeking public input.
The PSCs order largely adopts the settlement with the Kentucky attorney general, recognizing the companys investments in its natural gas delivery system. The order also approved a mechanism to mitigate future rate adjustments while allowing the company to modernize its natural gas infrastructure under applicable federal regulations.
We appreciate the PSC and the Kentucky Attorney General for giving such thoughtful consideration to our customers and to the investments weve made to keep our system safe and reliable for decades to come, said Amy Spiller, president of Duke Energy Ohio and Kentucky. We have managed our costs to operate and maintain the system nearly flat for more than a decade, and we continue to focus on helping our customers better manage their energy usage and reduce their bills.
In June 2021, Duke Energy sought the public review of its rates to support its ongoing investments in the safety and reliability of the regions natural gas delivery system. The Order authorizes a $9.17 million increase in base rates, which is about an 8.21% increase over the companys existing revenue.
The PSCs rate order and other documents in the case can be viewed here.
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Duke Energy Ohio/Kentucky
Duke Energy Ohio/Kentucky, a subsidiary of Duke Energy, provides electric service to about 860,000 residential, commercial and industrial customers in a 3,000-square-mile service area, and natural gas service to approximately 538,000 customers in a 2,650 square-mile service area.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of Americas largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities with goals of at least a 50 percent carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortunes 2021 Worlds Most Admired Companies list and Forbes Americas Best Employers list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energys illumination features stories about people, innovations, community topics and environmental issues.