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CHARLOTTE, N.C., January 30, 2024 \/3BL\/ – Duke Energy Carolinas will implement new rates for North Carolina customers on Jan. 15 as approved by the North Carolina Utilities Commission (NCUC).<\/p>\n
Rates for North Carolina customers will remain well below the national average, even after Duke Energy Carolinas completes approximately $7.7 billion in upgrades to make the electric grid more resistant to outages and enable faster power restoration.<\/p>\n
And as in its Duke Energy Progress order issued in September, NCUC approval covers multiyear rates, along with incentives and penalties to hold the utility accountable for reliability and other performance metrics.<\/p>\n
\u201cWe\u2019ve made significant infrastructure upgrades in recent years to meet customer needs and expectations,\u201d said Kendal Bowman, Duke Energy\u2019s North Carolina president. \u201cThis commission order enables us to continue meeting the energy demands of a growing region while limiting annual rate increases and giving customers more cost certainty.\u201d<\/p>\n
Rate changes start Jan. 15<\/strong><\/p>\n After extensive evaluation since the rate review was requested last January, along with constructive settlements with the NCUC Public Staff and other parties, the NCUC approved a net increase in retail revenues in year one of about $436 million (8.3%), followed by $173 million (3.3%) in year two and $165 million (3.1%) in year three.<\/p>\n Customer bills already reflect an interim rate adjustment implemented Sept. 1. Accounting for that, beginning Jan. 15, the change from current rates for a typical residential customer using 1,000 kilowatt-hours (kWh) per month will be an increase of $10.04, from $130.29 to $140.33 per month, followed by a $4.19 increase on Jan. 1, 2025, and a $4.10 increase on Jan. 1, 2026, for a total of $148.62 by 2026.<\/p>\n According to the Edison Electric Institute, the national monthly average for typical residential customers was $171.67 as of Jan. 1, 2023, before other utilities go through their own rate adjustments.<\/p>\n The full NCUC rate review order can be found here. Duke Energy Carolinas serves about 2 million households and businesses in central and western North Carolina, including Charlotte, Durham and the Triad.<\/p>\n Help for low-income customers<\/strong><\/p>\n The NCUC ordered Duke Energy Carolinas to establish a Customer Assistance Program (CAP) that reduces bills for the utility\u2019s most vulnerable customers through a $42 monthly credit for 12 months. Customers helped by the Low-Income Energy Assistance Program (LIEAP) or the Crisis Intervention Program (CIP) \u2013 federally funded initiatives for those at or below 130% and 150% of the poverty level, respectively \u2013 will be automatically enrolled in CAP beginning this month in partnership with the North Carolina Department of Health and Human Services.<\/p>\n Duke Energy will also refer CAP customers to weatherization and energy efficiency services that can help provide long-term solutions to reduce energy usage. As part of a settlement in the rate cases for both Duke Energy Carolinas and Duke Energy Progress, Duke Energy shareholders will contribute $10 million for health and safety repairs that would otherwise prevent low-income customers from qualifying for weatherization and other energy efficiency improvements. Duke Energy shareholders are contributing an additional $6 million to the Share the Light Fund\u00ae<\/sup> in support of North Carolina customers.<\/p>\n New options for all customers<\/strong><\/p>\n For all customers, Duke Energy Carolinas has also established new time-of-use rate options and energy efficiency programs to help lower their costs and reduce energy use:<\/p>\n \u201cOur goal with these programs is to help offset the rate increase as much as possible by giving customers more control over their energy use,\u201d said Bowman. \u201cThe programs are designed to reduce costs across the entire system, benefiting all customers.\u201d<\/p>\n Holding the utility accountable for reliability, renewables goals<\/strong><\/p>\n As in the Duke Energy Progress order, another new aspect of this rate approval is the implementation of performance incentive mechanisms (PIMs). First allowed by North Carolina\u2019s clean energy legislation (HB951), PIMs advance state policy goals through financial incentives and penalties that encourage utility performance in areas of shared interest with customers.<\/p>\n Following settlements with various participants in the rate review process, the NCUC approved three PIMs with annual incentives that grow up to $15 million in potential rewards as well as $15 million in potential penalties for Duke Energy Carolinas across three areas:<\/p>\n A new page on Duke Energy\u2019s website allows monitoring of these PIMs as well as other tracking metrics related to customer service, reliability and electric vehicle integration.<\/p>\n Duke Energy Carolinas<\/strong><\/p>\n Duke Energy Carolinas, a subsidiary of Duke Energy, owns 19,500 megawatts of energy capacity, supplying electricity to 2.8 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.<\/p>\n Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America\u2019s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.<\/p>\n Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.<\/p>\n Duke Energy was named to Fortune\u2019s 2023 \u201cWorld\u2019s Most Admired Companies\u201d list and Forbes\u2019 \u201cWorld\u2019s Best Employers\u201d list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy\u2019s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter<\/a>, LinkedIn, Instagram and Facebook.<\/p>\n View original content here.<\/p>\n<\/p><\/div>\n\n
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