State approves TECO, Duke rate hikes to recoup $1.55B in hurricane costs
TALLAHASSEE, Fla. - State regulators on Tuesday approved rate increases for Duke Energy and TECO customers to cover costs from Florida's devastating 2024 hurricane season.
The Florida Public Service Commission's approval came days after PSC staff members recommended it.

Crews worked to restore power to hundreds of thousands of TECO customers in the aftermath of Hurricane Milton.
How much will your bill go up?
By the numbers:
Duke is collecting $1.09 billion over a 12-month period, which will add $31.18 to the monthly bills of customers who use 1,000 kilowatt-hours of electricity a month. Duke, though, says lower costs in other areas would mean an actual increase of about $21 per month for the average user.
The monthly increase is lower for TECO customers, with about $20 being added to the average user's bill each month as the utility pushes to collect $463.6 million. However, that's over an 18-month period as opposed to 12 months for Duke.
It's important to note that these increases are separate from Duke and TECO's base rate hikes that took effect in January.
What they're saying:
TECO is worried another storm could hit before the previous bill is paid off.
"That then requires a significant restoration, which then, down the line, can add storm restoration fees in the future," said TECO spokesperson Cherie Jacobs.

Crews worked to restore power to hundreds of thousands of TECO customers in the aftermath of Hurricane Milton.
TECO is hoping to use some of the recovered money to beef up its reserve funds, which had been depleted thanks to not only Helene and Milton, but also hurricanes Debby and Idalia.
Still, consumer advocates point out the PSC has previously approved increases in storm hardening.
"It seems that every single cost the company incurs is on the back of struggling Floridians," said Brooke Ward of Food & Water Watch Florida. "While their shareholders continue to profit at record rates."
TECO says the money is well spent, given they had to pay 9,500 workers overtime to get power mostly back on in under a week.
"This is not an easy decision," said Gary Clark of the Public Service Commission. "It's a tough balance. The residential customers are the ones that typically struggle the most."
What's next:
Duke and TECO customers can expect to see higher bills starting in March.
The Source: Information for this story came from the Florida Public Service Commission. The News Service of Florida contributed to this report.
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