Duke Energy Carolinas seeks approval for three-year rate plan
Duke Energy Carolinas is seeking approval from North Carolina regulators for its three-year rate plan.
The plan includes nearly $4.2 billion in future grid infrastructure upgrades to increase reliability and enhance grid security. It also enables renewables and EVs and supports economic development and new jobs.
“Our customers expect us to deliver reliable, affordable, and increasingly clean energy every day,” Kendal Bowman, Duke Energy’s North Carolina president, said. “We’re very mindful of the financial pressures our customers face. Our rates are well below the national average, and we remain committed to keeping rates as low as possible.”
The company has proposed a gradual rate increase over three years, starting Jan. 1, 2024. In the first year, the monthly impact for a typical residential customer using 1,000 kilowatt-hours (kWh) per month would be an increase of $12.54, from $115.01 to $127.55 per month. That would be followed by a $3.90 increase in January 2025 and a $3.18 increase in January 2026.
If approved, the $134.63 bill would remain below the current national average of $161.81. This is the first rate increase it has initiated since 2019. The net increase in retail revenues in year one is about $501 million or 9.5 percent. In year two, the increase is $172 million, 3.3 percent, and in year three, it is $150 million, up 2.9 percent.
Customers struggling to pay their electric bills may qualify for a new Customer Assistance Program proposed as part of the rate case. If approved, it would reduce monthly bills for the company’s most vulnerable customers by $42 per month.
