
After a spate of severe hurricanes rocked Florida, residents served by Tampa Electric (TECO) and Duke Energy may soon feel the financial aftermath reflected in their electricity bills. TECO has signaled intentions to levy a monthly increase of around $30 for residents consuming an average of 1,000 kilowatt-hours per month, a maneuver attributable to restoration expenses from recent storms, as reported by WFLA.
Simultaneously, Duke Energy, not immune to nature's fiscal demands, eyes a $21 monthly uptick to cover an estimated $1.1 billion in restoration costs, heartily documented by WTSP.
The surge in utility costs springs from a need to recoup the immense outlays for power restoration following Hurricanes Helene and Milton, and Tropical Storm Debby, during which Tampa Electric's storm reserve was more than drained, the company told WFLA. The proposed "storm restoration surcharge" would begin in March, persisting for a year, TECO has conveyed in its filing with the Florida Public Service Commission (PSC), a discourse on the prudency of these restoration costs is anticipated to take place in early 2025.
Duke Energy, which needs to bounce back from its accrual of restoration charges, shared with FOX 13 the rationale behind the proposed rate hikes, citing the mobilization of over 27,000 workers as a pivot towards swift and reliable service restoration post-cataclysm. This hefty sum of money is earmarked to ameliorate the fallout from the hurricanes, with the impact of such storms leaving the infrastructure and their reserves depleted.
Understanding the financial load this adds onto consumers, TECO's chief, Archie Collins, stated in sentiments captured by WFLA, "These storms have left an undeniable mark on our region,” emphasizing the company's recognition of the hardship and their readiness "to help where we can." To that end, TECO has allocated $1 million to its Share program aiding those finding it tough to manage their utility outlays, according to the same statement.
The proposal comes on the heels of a recent approval by the PSC which enabled TECO to implement a near $9 monthly raise starting January 2025, however this additional request if given the green light, would compound the financial obligations of customers already bracing for previously sanctioned increments. The duo of energy companies, TECO and Duke, are navigating a financial aftermath as tempestuous as the Atlantic hurricane season itself, with a collective aim to secure funds essential for not just recovering from the past's furious winds but also buttressing against future storms' uncertain wrath. Both companies' filings remain subject to review and endorsement by the PSC, a decision of keen interest to many a bill-paying Floridian.