Lower energy bills expected for Hoosiers as Duke Energy slashes rates

LOUISVILLE, Ky. (WDRB) -- There's good news for Duke Energy customers in Indiana: The utility plans to lower its rates starting in April.

The Indiana Utility Regulatory Commission approved the utility's request to lower rates because of declining fuel costs.

Duke Energy said it is cutting rates by 16%, which will save the average customer about $26 a month. That decrease is in addition to a 5% increase that took effect in January.

"Energy markets are still pretty volatile, but we are starting to see costs stabilize," said Duke Energy spokesperson McKenzie Barbknecht. "That's the good news. We pass those savings along to our customers."

Duke officials said customer bills were higher in 2022, largely because of soaring fuel costs and volatility in the energy market.

This decrease will be in effect from April until June, when the fuel rate is set to be adjusted again. Utilities adjust prices based on fluctuating fuel costs four times a year.

Bill Assistance Resources

Energy costs can be a major part of household budgets, and Duke Energy offers a variety of assistance options for customers:

Interest-free installment plans – Customers can contact the company at 800.521.2232 to learn more.
Energy and bill management programs, including Budget Billing and Usage Alerts that let a customer know when their bill may be higher than normal so they can make adjustments. The company also has a host of energy efficiency programs, including free home energy assessments. Customers can learn more about these programs and others at Lower My Bill ToolKit - Home - Duke Energy (duke-energy.com).
Each year, through shareholder contributions and customer donations, Duke Energy dedicates funds for customers in need through its Share the Light Fund®. The company recently announced $300,000 in available assistance funds for distribution through statewide community action agencies. A list of agencies can be found at Energy Assistance (incap.org).