Due to recent changes in electric rates the following information has been provided to answer some of the more common questions about those changes. The term Duke Energy Auction refers to Duke Energy Ohio and Duke Energy Retail Response refers to Duke Energy Retail Sales, or the fixed rate price plan. If you have more specific informational needs please contact your appropriate Duke supplier.
Electric Rate Comparison
Duke Energy Ohio Auction
• on 12/14/11, Duke Energy Ohio ("DEO") held a wholesale auction to determine the new price for electric supply service for 2012. On 12/22/11, DEO filed its tariffs with the PUCO, with the new retail prices resulting from the wholesale auction.
• the new retail price for the average residential customer is 6.0322 cents/kWh for electric supply. Customers who use above-average amounts of electricity will pay a higher rate of 7.0794 cents/kWh for their excess usage.
• DEO's price will also change every three months, based on DEO's cost for renewable energy and depending on how much switching occurs. The price could go up or down.
• the DEO price is only for good for 2012. Additional auctions will be held to set the price for 2013. The U.S. Department of Energy projects that energy prices will be higher in 2013 than in 2012.
Duke Energy Retail Response
• Duke Energy Retail Sales ("DER") entered into a community endorsement program with your community for 2012-2013.
• the initial price for the program was 6.39 cents/kWh. DER later reduced the price to 6.19 cents/kWh.
• DER now agrees to waive any termination fee for the period of January 2012. During this period, customers can terminate their contract without penalty, and obtain their electricity from DEO or another supplier. You can terminate your contract beginning 1/3/12 by calling the toll-free 800 number previously provided.
• DER's fixed price of 6.19 cents/kWh will not change during 2012-2013 if you enroll now or if you stay with DER. Customers who use above-average amounts of electricity will pay this same price. But this price may not be available for new customers who enroll at a later date.
• a customer's decision whether to take the DER price or the DEO price is much like the decision on whether to get a long-term, fixed rate mortgage for your home versus a short-term, variable rate mortgage.