We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Duke Energy (DUK) Unit to Cut Utility Bills From January 2024
Read MoreHide Full Article
Duke Energy (DUK - Free Report) announced that its subsidiary, Duke Energy Florida, received approval from the Florida Public Service Commission (“FPSC”) to lower rates. Per the revision residential customers using 1,000-kilowatt hours (kWh) of electricity per month will experience a decline of $11.29 or 6%, in their January 2024 electricity bill when compared with December 2023.
The reduction in rates will also benefit commercial and industrial consumers of Duke Energy Florida. Customers can expect to save between 5.6% and 7.2% from the current bill, depending on several factors. Duke Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Rate Decline Not Unusual
While consumers generally expect rates to go up, Duke Energy Florida customers are used to the unusual. At Duke Energy Florida, the company encourages customers to take advantage of the numerous flexible billing and energy savings programs, including free home assessments, budget billing and usage alerts, to help customers save energy and money. The rate decline in 2024 includes storm recovery costs combined with lower fuel and capacity costs.
During April 2023, the company, after receiving approval from FPSC, lowered customer rates. Post rate reduction, effective April 2023, a typical residential customer using 1,000 kWh will be $171.83, which is an increase of $6.28 or just under 4%. Most commercial and industrial customers will see bill impacts ranging from a 2% to 3.9% increase.
The company is taking all possible steps to provide the best possible price to its customers while delivering reliable and cleaner energy. The improving Florida economy, along with the rate decline offered by the company, will undoubtedly attract more customers for its services.
Transition in Utility Space
The utility space is currently going through a transition. Most of the utilities are on their own, using more renewable sources of energy to produce electricity and assisting in lowering emissions. Courtesy of the construction of large utility-scale renewable projects, per the U.S. Energy Information Administration, solar and wind generation together in 2024 will overtake electric power generation from coal for the first year ever, exceeding coal by nearly 90 billion kWh.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.
Other utilities like Avista Corporation (AVA - Free Report) , DTE Energy (DTE - Free Report) and Xcel Energy (XEL - Free Report) have already declared plans to supply 100% clean electricity over the long term.
Avista Corp, a Zacks Rank #2 (Buy) stock, has been providing clean and reliable energy to customers. The company has taken initiatives to supply 100% clean electricity to customers by 2045. The Zacks Consensus Estimate for 2024 of $2.43 reflects a year-over-year increase of 5.4%.
Xcel Energy, a Zacks Rank #3 stock, is focusing on electricity generation from clean sources. It is working to reduce 80% of carbon emissions by 2030 and generate 100% carbon-free electricity within 2050 from 2005 levels. The Zacks Consensus Estimate for 2024 earnings is $3.57, indicating a year-over-year increase of 6.9%.
DTE Energy, another Zacks Rank #3 stock, is investing steadily to enhance renewable generation assets. The company aims to cut emissions by 50% by 2030 and 100% within 2050 from 2005 levels. The Zacks Consensus Estimate for 2024 earnings is $6.67, reflecting a year-over-year increase of 14%.
Price Performance
In the last six months, shares of Duke Energy have risen 7.8% against the industry’s 7.9% decline.
Image Source: Zacks Investment Research
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Duke Energy (DUK) Unit to Cut Utility Bills From January 2024
Duke Energy (DUK - Free Report) announced that its subsidiary, Duke Energy Florida, received approval from the Florida Public Service Commission (“FPSC”) to lower rates. Per the revision residential customers using 1,000-kilowatt hours (kWh) of electricity per month will experience a decline of $11.29 or 6%, in their January 2024 electricity bill when compared with December 2023.
The reduction in rates will also benefit commercial and industrial consumers of Duke Energy Florida. Customers can expect to save between 5.6% and 7.2% from the current bill, depending on several factors. Duke Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Rate Decline Not Unusual
While consumers generally expect rates to go up, Duke Energy Florida customers are used to the unusual. At Duke Energy Florida, the company encourages customers to take advantage of the numerous flexible billing and energy savings programs, including free home assessments, budget billing and usage alerts, to help customers save energy and money. The rate decline in 2024 includes storm recovery costs combined with lower fuel and capacity costs.
During April 2023, the company, after receiving approval from FPSC, lowered customer rates. Post rate reduction, effective April 2023, a typical residential customer using 1,000 kWh will be $171.83, which is an increase of $6.28 or just under 4%. Most commercial and industrial customers will see bill impacts ranging from a 2% to 3.9% increase.
The company is taking all possible steps to provide the best possible price to its customers while delivering reliable and cleaner energy. The improving Florida economy, along with the rate decline offered by the company, will undoubtedly attract more customers for its services.
Transition in Utility Space
The utility space is currently going through a transition. Most of the utilities are on their own, using more renewable sources of energy to produce electricity and assisting in lowering emissions. Courtesy of the construction of large utility-scale renewable projects, per the U.S. Energy Information Administration, solar and wind generation together in 2024 will overtake electric power generation from coal for the first year ever, exceeding coal by nearly 90 billion kWh.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.
Other utilities like Avista Corporation (AVA - Free Report) , DTE Energy (DTE - Free Report) and Xcel Energy (XEL - Free Report) have already declared plans to supply 100% clean electricity over the long term.
Avista Corp, a Zacks Rank #2 (Buy) stock, has been providing clean and reliable energy to customers. The company has taken initiatives to supply 100% clean electricity to customers by 2045. The Zacks Consensus Estimate for 2024 of $2.43 reflects a year-over-year increase of 5.4%.
Xcel Energy, a Zacks Rank #3 stock, is focusing on electricity generation from clean sources. It is working to reduce 80% of carbon emissions by 2030 and generate 100% carbon-free electricity within 2050 from 2005 levels. The Zacks Consensus Estimate for 2024 earnings is $3.57, indicating a year-over-year increase of 6.9%.
DTE Energy, another Zacks Rank #3 stock, is investing steadily to enhance renewable generation assets. The company aims to cut emissions by 50% by 2030 and 100% within 2050 from 2005 levels. The Zacks Consensus Estimate for 2024 earnings is $6.67, reflecting a year-over-year increase of 14%.
Price Performance
In the last six months, shares of Duke Energy have risen 7.8% against the industry’s 7.9% decline.
Image Source: Zacks Investment Research