Duke Energy has submitted a request to the North Carolina Utilities Commission (NCUC) seeking approval for revised rates at its two state utilities, Duke Energy Carolinas and Duke Energy Progress. The proposed changes are intended to support investments aimed at strengthening the electric grid, upgrading power plants, and meeting increased demand driven by population growth and new business activity.
The company is asking for an annual revenue increase of $1 billion for Duke Energy Carolinas—$727 million in 2027 and $275 million in 2028—which represents a 15% rise over current revenues. For Duke Energy Progress, the requested increase is $729 million—$528 million in 2027 and $200 million in 2028—or a 15.1% increase. These requests are based on a return on equity of 10.95% and a capital structure of 53% equity, pending NCUC approval.
If approved, residential customers of Duke Energy Carolinas using 1,000 kilowatt-hours per month would see their monthly bills rise by $17.22 starting January 1, 2027—from $144.98 to $162.20—with an additional increase of $6.34 on January 1, 2028. Commercial customers would experience average increases of 8.7% and then 3.9%, while industrial customers would see increases of about 6.3% followed by 3.4%.
For Duke Energy Progress residential customers with similar usage, monthly bills would go up by $23.11—from $163.84 to $186.95—on January 1, 2027, with another increase of $6.59 set for January 1, 2028. Commercial customers would face average increases of 9.2% and then 4.6%, while industrial customers could expect increases around 7.4% followed by 4.3%.
“Our goal is to deliver reliable power at the lowest possible cost for customers,” said Kendal Bowman, Duke Energy’s North Carolina president. “It’s important to strike the right balance of prioritizing investments that enhance the energy grid for current and future needs while also maximizing cost-saving measures for our customers.”
Duke Energy reports that it has reduced operation and maintenance expenses since its last base rate case and has implemented other cost-saving measures such as issuing storm bonds after Hurricane Helene that have saved North Carolina customers $422 million; passing along lower fuel prices that resulted in rate reductions last winter; returning nuclear production tax credits to customers; and proposing further savings through combining its two utilities.
The company has expanded self-healing technology across its network so that now three-quarters of North Carolina customers benefit from systems designed to reduce outages automatically—a move credited with preventing more than one million customer outages during the first ten months of this year.
Traditional infrastructure work continues as well: over five years, Duke Energy has trimmed nearly forty-four thousand miles of vegetation near power lines, replaced more than one hundred sixteen thousand distribution poles, and upgraded over thirteen thousand wood transmission poles to steel or concrete.
The company serves about three-point-six million retail customers statewide and has added approximately one hundred fifty thousand new accounts over two years due largely to economic development projects bringing jobs and investment into North Carolina.
To meet growing demand efficiently, Duke Energy plans upgrades including nearly three hundred megawatts (MW) of clean capacity through nuclear plant improvements by 2031; new natural gas facilities approved in Person and Catawba counties; investments totaling $1.7 billion in battery storage projects; plus nearly four hundred million dollars allocated for solar generation paired with storage.
Bowman added: “Customers count on us to manage our costs on their behalf, but they also want options to manage their own bills now… That’s why we’re helping customers lower their energy use – and lower their bills – through programs that make a measurable difference.”
Duke Energy offers several programs aimed at reducing customer energy use—including weatherization assistance for income-qualified households; free home energy assessments; rebates for efficiency upgrades; bill credits for shifting usage away from peak periods; incentives for installing solar or battery systems—and reports above-average results compared with national benchmarks.
The NCUC will hold public hearings on the proposal next spring before making a final decision expected late next year.
More information about the proposal is available at duke-energy.com/NorthCarolinaRates.
