The Public Service Commission of South Carolina (PSCSC) approved new rates for Duke Energy Carolinas customers in South Carolina.
Starting Nov. 1, the average monthly residential electric bill for customers in South Carolina will decrease by 12.7 percent.
That means that the average monthly bill for a residential customer using 1,000 kilowatt-hours (kWh) per month will be $19.52 lower, from $154.29 to $134.77.
Further, rates for commercial customers will drop 13.5 percent, while the rates for industrial customers will decrease 15.7 percent.
The decrease in rates stems from an annual adjustment for the cost of fuel used to generate electricity at its power plants. More specifically, the decrease is primarily driven by the decreased cost of natural gas year over year, plus a reduced true-up component since the previous fuel cost-recovery filing.
The decrease more than offsets the previously announced base rate increase approved by the PSCSC that took effect in August.
Duke Energy Carolinas serves about 660,000 households and businesses primarily in the Upstate of South Carolina, including Greenville, Spartanburg, and Anderson counties.