State regulators on Tuesday approved rate increases for Duke Energy and TECO customers to cover costs from Florida's devastating 2024 hurricane season. Evan Axelbank reports.

While trying to cushion the blow for Tampa Electric Co. customers, state regulators Tuesday approved proposals by Tampa Electric and Duke Energy Florida to collect more than $1.55 billion to cover hurricane-related costs and replenish storm reserves.

The Florida Public Service Commission approved new electric rates for TECO and Duke Energy customers that will go into effect starting in March. During a Tuesday meeting, the companies said they asked for rate hikes to cover costs related to recent hurricanes and replenish storm reserves.

Florida utility customers can expect to see higher bills in the coming months as the Florida Public Service Commission (PSC) has approved interim storm restoration costs for Tampa Electric Company (TECO) and Duke Energy Florida (DEF).

The Florida Public Service Commission approved new electric rates for TECO and Duke Energy customers that will go into effect in March.

Floridians who get their electricity from Duke Energy or Tampa Electric will soon face hefty increases of at least $20 more per month on their bills, as part of the two companies’ efforts to recoup costs from last year’s hurricane season.