Duke Energy Indiana submits rate request to increase bills 16 percent
Duke Energy Indiana recently requested a sizable rate increase from state regulators, citing improvements to the electric grid, built-up customer service options, and environmental obligations.
Overall, the request would spur bill increases of approximately 16 percent if approved. This would be split up somewhat, though, with a 12 percent increase in 2025 and an additional 4 percent increase to follow in 2026. For the company’s end, this would bring in an annual revenue increase of $492 million. For consumers, the specific cost effects would vary somewhat, but the average residential customer, using 1,000 kW hours per month, would gain a bill increase of around $27.63.
“Since our last base rate increase in 2020, we’ve invested $1.6 billion in our electric grid, power plants, and overall system on behalf of our customers, including advanced technology that has helped prevent more than 185,000 power outages,” Stan Pinegar, Duke Energy Indiana president, said.
Electric grid security and investments to meet growing demand in Indiana were noted as major drivers behind the proposed change. At the same time, Pinegar noted that the company hopes to use voluntary time-of-use rates to help manage customer bills. On top of this, he added that fuel costs for electricity production have declined, leading to residential customers’ bills being about 25 percent lower than they had been in 2022.
Because Duke Energy is a regulated business, its rates can only be changed with approval from state utility regulators. It noted that regulators may have a ruling in early 2025.
