Duke Energy's (DUK.N), opens new tab Florida segment (DEF) on Tuesday said it filed for new base rates, requesting nearly $820 million in revenue between 2025-2027 with the Florida Public Service Commission (FPSC), a cost which would be passed onto customers.

DEF said the base rate aims to help the company increase efficiency, modernize the grid and invest in 14 new solar sites of 1,050 megawatts overall.

Duke's Florida segment serves nearly 1.97 million people.

With customer bills going into 2025 being lower on certain 2022 contracts expiring at the end of this year, the base rates would rise by 4% from 2025 through 2027: going up $16.48 in 2025, $2.73 in 2026 and $4.93 in 2027 on a 1,000-kilowatt bill.

The company also flagged it plans to file a fuel and capacity rate request due to falling natural gas costs, which would lower customer bills by $5, in addition to a $11.29 decrease that began in January 2024.

Natgas prices have fallen nearly 25% this year to their lowest since June 2020, as ample supply and storage, and low heating needs.