Duke Energy Carolinas Cuts 2-Year Rate Hike Request to 9.3% as Hearings Expose Affordability Fears
Updated
Updated · WFAE · Jun 23
Duke Energy Carolinas Cuts 2-Year Rate Hike Request to 9.3% as Hearings Expose Affordability Fears
3 articles · Updated · WFAE · Jun 23
Summary
Duke Energy Carolinas cut its pending two-year North Carolina rate request to 9.3% overall from 14.3%, while trimming the residential increase to 11.6% from 18%.
Customer affordability concerns raised at public hearings drove the revision, which Duke said lowers its base-rate revenue request to $264 million from $564 million.
The utility said the reduction comes from a lower allowed return on equity of 10.48%, dropping a depreciation study, faster Hurricane Helene refunds, storm-cost securitization and removing some large-load upgrades.
Attorney General Jeff Jackson and Governor Josh Stein called the cut a start but still too high, pressing regulators to shield households from costs tied to data centers and other large users.
A July 7 expert-witness hearing is next, after which the North Carolina Utilities Commission can approve Duke's revised plan or set a different increase.