Cincinnati, November 28, 2011 — The Public Utilities Commission of Ohio approved a new electric security plan for Duke Energy Ohio.
The PUCO approved a stipulation, or settlement, without material modification, that Duke Energy Ohio reached in October with nearly all of the intervening parties in its ESP proceeding. In its ruling, the PUCO also approved the process that Duke Energy Ohio will use to set customer rates from Jan. 1, 2012, through May 31, 2015.
A typical residential customer, who purchases an average of 1,000 kWh a month from Duke Energy Ohio, is expected to see an average 11 percent rate reduction in their bill, or roughly $14 per month, starting Jan. 1, 2012. Actual rates will be calculated based on the results of a PUCO-approved competitive auction in December.
In addition to the competitive auction process, other key terms of the ESP include:
* A non-bypassable stability charge provided to the utility from 2012 to 2014
* A commitment that Duke Energy Ohio transfer its generating assets to an affiliate or subsidiary by Dec. 31, 2014
* Duke Energy Ohio's continued support of economic growth and job creation within its service territory
* Funding for low-income families to support weatherization programs and fuel fund assistance and a discounted rate for a percentage of income payment plan customers.