Duke Energy to use tax savings to cover hurricane tab
Duke Energy Florida customers will be spared paying more than $500 million in costs related to Hurricane Irma because of the utility’s savings under the new federal tax overhaul, Duke said Wednesday.
Duke, the state’s second-largest electric utility, announced the decision slightly more than a week after Florida Power & Light said its customers would avoid $1.3 billion in Irma costs because of the tax law approved in December by Congress and President Donald Trump.
“We are pleased that this solution will prevent a rate increase for our customers,” Harry Sideris, Duke Energy Florida state president, said in a prepared statement. “Hurricane Irma was the worst storm to ever hit Duke Energy Florida and impacted many lives. Redirecting the tax reform savings against the storm costs ensures that our customers will reap the benefits of this new law.”
Duke filed a petition last month with the Florida Public Service Commission seeking to recoup $513 million in Irma-related costs over a three-year period. That included money to cover restoration costs and the replenishment of a $132 million storm reserve.
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