Duke Energy Progress reaches partial rate settlement with North Carolina regulators

Published on April 28, 2023 by Dave Kovaleski

© Duke Energy

Duke Energy Progress has reached a partial settlement with North Carolina regulators on certain items related to the utility’s requested customer rate increases.

The partial settlement includes agreement on many aspects of the company’s proposed revenue requirement. This includes cost recovery of historical capital investments, depreciation for coal plant retirements, and multiple operational items and accounting adjustments. Further, the settlement addresses capital projects and related costs to be included in the company’s three-year rate plan proposal.

“We are pleased that we were able to find common ground with the Public Staff on several key issues and develop a settlement agreement that prioritizes the needs of our customers, advances grid reliability and resiliency across the state, and maintains the financial health of the company,” Duke Energy North Carolina President Kendal Bowman said. “This is a significant and positive step in these proceedings.”

However, there are still several matters that have not yet been resolved. This includes items like return on equity, capital structure, and COVID cost recovery. These items will be considered along with all testimony submitted by the company, other participating parties, and the public at a hearing before the North Carolina Utilities Commission (NCUC) set for May 1.

Duke Energy Progress will continue to work with the staff and other parties to resolve these outstanding matters.

Duke Energy Progress, a subsidiary of Duke Energy, supplies electricity to 1.7 million residential, commercial, and industrial customers in North Carolina and South Carolina.