Duke Energy Ohio has reduced its residential power bills by about 4.5 percent. As a result, a typical residential customer who uses 1,000 kWh of electricity a month and purchases electric supply from Duke Energy Ohio will pay about $118 per month beginning with their June bill. That's down about $5.55 from May.
"We continue to work hard to provide the best possible price for our customers," said Jim Henning, president of Duke Energy Ohio and Kentucky. "Our customers' bills continue to be the lowest in Ohio and well below the national average."
The driver for the reduction is the price Duke Energy Ohio pays to procure electricity for its customers who haven't switched to an alternative supplier for their electricity. The company uses a competitive auction process to acquire electricity for these customers. As a whole, recent winning bids have been lower than past bids – leading to lower power bills.
The company makes no profit on the energy supply portion of customers' bills. The cost of energy supply that Duke Energy Ohio procures is passed on directly to its customers.
According to a fall 2015 report issued by the Edison Electric Institute in Washington, D.C., Duke Energy Ohio has the lowest typical residential monthly bill among all electric utilities in Ohio – and comes in about $10 less than the national average.
The company's sister utility, Duke Energy Kentucky, also offers its customers the lowest typical residential electric bill among utilities in the commonwealth.
Duke Energy Ohio and Kentucky's operations provide electric service to about 840,000 residential, commercial and industrial customers in a 3,000-square-mile service area and natural gas service to about 525,000 customers.