Duke Energy Carolinas Proposes Rate Increase for North Carolina

On January 19, 2023, Duke Energy Carolinas asked North Carolina regulators to review and approve its request for a 15.7% rate increase over three years. Duke says it would use most of the additional $822M to make the electric grid more efficient, improve reliability during storms, and prepare for more renewable energy and electric vehicles. Duke Energy is evaluating ways to leverage the Inflation Reduction Act and Infrastructure Investment and Jobs Act to help offset these investments and save money for customers.

If the request is approved, electric rates would affect customers from Durham to Greensboro, Charlotte, and the western part of the state. And rates would rise 9.5% overall next Jan. 1, 3.3% in 2025 and 2.9% in 2026. The increases would be slightly higher for residential customers. A typical residential customer using 1,000 kilowatt-hours of electricity per month would wind up paying $19.97 a month more in the third year. Duke says that would still be below the current national average electric bill.