INDIANAPOLIS – Duke Energy Indiana President Stan Pinegar addressed fuel costs and the price of electric bills in a press release on Thursday, sharing the background on what’s driving Duke Energy’s electricity costs and what it was doing to help.
Here is what he said in part. “Since mid-2021, costs for coal and gas to produce the energy that powers Indiana homes, businesses, and assembly lines have increased significantly. Fuel accounts for a significant portion of our electric costs, averaging as much as 30% of a total bill. Global demand and tight fuel supplies as well as labor shortages at coal mines and railroads are affecting the cost of the power we produce as well as what we purchase in the energy markets. We also have been working to overcome supply chain challenges to ensure we have sufficient supplies of fuel available for summer and winter—the times of highest electric demand.”
He continued, “These are not permanent rate increases. Fuel costs rise and fall, and we pass those costs to our customers with no markup, so customers pay what we pay. To lessen the impact on customer bills, we are spreading recovery of some of these fuel costs over a longer period to reduce the rate impact. Unfortunately, as we approach the summer, the bill impact will continue to increase, and we expect that to continue throughout the year. If you are struggling financially to pay your electric bill, call 800-521-2232. We can discuss payment plans, budget billing, and resources for help. Financial assistance also is available through our Share the Light program, where eligible customers can receive up to $300 in energy bill assistance. You can find more information on these programs at the Lower My Bill ToolKit home page at DukeEnergy.com.”
Pinegar concluded, “We know that higher electric bills can be a hardship for many, and we want to connect customers to resources for help.”
