Duke Energy Progress is asking North Carolina regulators to raise electric rates on 1.6 million households in the eastern part of the state and the Asheville area. The utility scaled back its original ask after months of pushback, but some state officials say the compromise still costs customers too much.
Here are key takeaways:
- Duke Energy Progress is now asking the North Carolina Utilities Commission to raise electric bills by 6.8% across all customer categories, or 9.3% for residential customers, over the next two years — down from an initial request of more than 15% across all categories, or 18% for residential customers.
- The average household would see a $9.62 increase on monthly bills starting in January, followed by an additional $5.89 monthly increase beginning in January 2028.
- The compromise requires Duke to refund customers $120 million from clean energy tax credits and put $10 million toward energy assistance funds for low-income customers.
- Attorney General Jeff Jackson refused to sign onto the deal, saying in a statement that the rate increase is “still too high for families and still more than the company needs to cover its investments.”
- Duke Energy Progress and its western counterpart, Duke Energy Carolinas, are set to merge into one combined utility by Jan. 1, making these the last rate cases the two negotiate separately.
Duke lowers rate ask after months of pushback
Duke Energy Progress agreed this month to a compromise with North Carolina’s Public Staff, the state’s utility watchdog group. In the new settlement, Duke will cut its proposed two-year rate increase from 18% to 9.3% for residential customers, and will lower its requested profit margin.
The settlement also blocks Duke from funding some administrative costs through the rate case, including portions of aviation, board and top-executive expenses, and requires it to set up a new fund for low-income customers…