Home / Business and Economy / Duke Energy Bill Hike Slashed for Upstate Customers
Duke Energy Bill Hike Slashed for Upstate Customers
1 Dec
Summary
- Upstate electric bills to see a smaller increase starting March 1.
- Initial bill hike for 1,000 kWh customers reduced significantly.
- Settlement includes provisions for energy efficiency and future cost protection.
Electric customers across the Upstate might experience a considerably reduced increase to their monthly bills starting March 1, pending approval by state regulators of a settlement concerning Duke Energy's rate hike proposal. Residential users consuming 1,000 kilowatt-hours monthly could see an initial increase of just 84 cents, a stark contrast to the company's original pitch.
Duke Energy Carolinas had sought a larger hike to fund grid reliability improvements and increased capital costs. However, the negotiated settlement will result in an annual revenue increase of $74.2 million for Duke, significantly less than the initially requested $150.5 million. This agreement was reached between Duke and various intervenors, including environmental and consumer advocates.
The settlement also introduces provisions for improving energy efficiency, such as weatherization and solar plus battery programs. Furthermore, it requires Duke to engage in future proceedings to address potential costs from growing power demands, largely driven by data centers. This partial settlement aims to balance the company's need for investment with consumer cost concerns.
