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Watch your bill: Cost of electricity to go up amid higher natural gas prices

The Florida Public Service Commission approved a rate increase given an increase in natural gas prices.
Credit: AP
In this Tuesday, May 18, 2021, photo, flares burn natural gas from oil production in the Fort Berthold Indian Reservation east of New Town, North Dakota. (AP Photo/Matthew Brown)

ST. PETERSBURG, Fla. — Your electric bill is likely going up.

The Florida Public Service Commission announced Tuesday that it approved a fuel factor increase for Tampa Electric Company, or TECO, and Duke Energy customers. Given what it says is "unexpected natural gas price increases," that means higher monthly bills are coming.

A TECO customer's monthly 1,000-kilowatt-hour bill for September through December 2021 will be $118.07, a $12.82-increase over the current bill of $105.25, according to a news release.

For Duke Energy customers, a similar bill will increase by $4.28 from $127.96 to $132.24.

"Natural gas prices have increased since TECO and DEF submitted their 2021 fuel cost projections to the Commission, creating a cost under-recovery for both utilities," PSC Chairman Gary Clark said in the news release. "Utilities do not earn a profit on fuel charges, and the PSC will continue to ensure utilities have done everything possible to keep fuel costs reasonable, while maintaining a reliable fuel supply."

The Wall Street Journal reports natural gas has been in high demand this summer, leading to lower supply. Natural gas producers have been maintaining output in an effort to keep prices high enough for profits, the outlet said.