Duke Energy Receives Approval For New Rates In North Carolina

(RTTNews) - Duke Energy Progress said it will implement new rates for North Carolina customers on October 1 as approved by the North Carolina Utilities Commission or NCUC.

The company noted that rates for North Carolina customers will remain below the national average, even after Duke Energy Progress completes approximately $6.3 billion in upgrades to make the electric grid more resistant to outages and enable faster power restoration.

The NCUC approved a net increase in retail revenues in year one of about $234 million (5.8%), followed by $126 million (3.2%) in year two and $138 million (3.4%) in year three.

According to the company, Customer bills already reflect an interim rate adjustment implemented June 1. Accounting for that, beginning October 1, 2023, the change from current rates for a typical residential customer using 1,000 kilowatt-hours (kWh) per month will be an increase of $8.04, from $144.12 to $152.16 per month, followed by a $4.67 increase on October 1, 2024, and a $5.15 increase on October 1, 2025, for a total of $161.98 by late 2025.