Duke Energy Carolinas files new rates to reflect tax savings

Duke Energy Carolinas filed new rates for North Carolina customers Wednesday, based on the North Carolina Utilities Commission’s (NCUC) order issued June 22, to reflect savings from federal tax reform as well as recent investments.

“The recent federal tax reform provides a unique opportunity to pass the direct benefits of that reform to customers,” David Fountain, Duke Energy’s North Carolina president, said. “With the North Carolina Utilities Commission’s decision in hand, we will deliver real savings to customers while providing the full benefits of cleaner, more reliable electricity.”

The new rates will be phased in over four years to account for a return of North Carolina state income taxes.

Residential customer bills will increase by 0.3 percent for the first four years and by 1.19 percent thereafter. For general service customers, rates will decrease by 2.58 percent for the first four years and then be reduced by 1.57 percent. Industrial customers will see a decrease of 3.86 percent for the first four years and 2.7 percent thereafter.

The company’s partial settlement with the Public Staff includes costs related to a natural gas plant and two new solar projects as well as Lee Nuclear project development costs and past expenses for permanently closing ash basins at eight sites in the Carolinas.