Duke Energy Corp.'s (NYS:DUK) subsidiary Duke Energy Florida (DEF) announced Friday agreement to push its clean energy program for the state, including investing in electric vehicle charging stations and accelerating the retirement of coal plants, but will also include base rate increases over the next three years. The utility company said the agreement is subject to approval by the Florida Public Service Commission (FPSC). "This agreement provides a path to minimize bill increases while continuing to make smart investments that will offer customers greater reliability, cleaner energy alternatives and innovative technology," said Catherine Stempien, DEF state president. The agreement includes base rate increases of about $5 billion over the next three years. As a result, DEF said its average residential customers will see their bills increase by 3% to 4% in 2022, and by 1% to 2% in 2023 and 2024. Duke's stock, which rose 0.3% in afternoon trading, has slipped 0.6% over the past 12 months, while the SPDR Utilities Select Sector ETF (PSE:XLU) has lost 4.6% and the S&P 500 (S&P:SPX) has gained 15.0%.
Jan. 15, 2021, 1:46 p.m. EST