Average Power Bill Would Increase $14.72 Per Month In Oct. 2023, If Rate Increase Is Approved
Duke Energy Progress has asked North Carolina regulators to review its rates as the company says it continues to strengthen the electricity grid, reduces power outages for customers, while facilitating a clean, secure energy future that supports economic development across the state.
Over the past five years, infrastructure upgrades helped avoid more than 1.3 million extended customer outages, saving more than 3 million hours of total lost outage time for customers, the company says.
“Our customers count on us to deliver affordable, reliable and increasingly clean energy every day,” said Stephen De May, Duke Energy’s North Carolina state president. “We’re sensitive to the financial pressures our customers face, and we remain committed to keeping rates as low as possible.”
Duke Energy Progress serves about 1.5 million customers in central and eastern North Carolina and in the Asheville region. This is the first rate case the utility has initiated since 2019.
The company has proposed a gradual rate increase over three years. If approved by the NC Utilities Commission, the net increase in retail revenues in year one is about $326 million or 8.5%, followed by $151 million (3.9%) in year two and $138 million (3.6%) in year three – a total 16% increase by late 2025.
Beginning Oct. 1, 2023, the monthly impact for a typical residential customer using 1,000 kilowatt-hours (kWh) per month would be an increase of $14.72, from $126.43 to $141.15 per month, followed by a $5.62 increase in October 2024 and a $5.21 increase in October 2025.
Customers struggling to pay their energy bills might qualify for a new Customer Assistance Program proposed as part of the rate case – if approved, it would reduce monthly bills for the company’s most vulnerable customers by $42 per month.
They’re gonna keep raising rates until we are begging for solar. Thanks, Brandon voters!
Unbelievable, more costs. Guess this is Putin’s fault
WOW!!! Even if I get perfect evaluations at work, I’ll get 12% total over 3 years. Guess we’re paying for that coal ash clean up after all and all the Covid non payments…SMH
As an owner of more than 500 shares of DUK stock (not including my market funds), I applaud this wholeheartedly! Stock performance has been weak YTD (up less than 3%) but last quarter’s earnings were at an all time high, and the div yield is approaching 5%! Keep running those heat pumps, JoCo, you’re funding my retirement! #CapitalismIsGreat #SmartPeopleInvest
CORPORATE GREED💯 🤔😷
@JoBud: I think you mean “capitalism.” If you prefer to live in a society in which the government sets prices and overrides the free market and where social values are more important than individualism, you’re free to move to Socialist Europe!
It’s pure greed when the economy is struggling, people are hurting and struggling to make ends meet but yet you raise rates to line the pocket of executives and pay off the coal ash cleanup you are responsible for.
@JenR: For nearly 30 years, all NC rate payers benefited from the low cost of stockpiling coal ash in basins. There was nary a peep from the public. Here in the USA, people are free to charge whatever they want for their services. It is called FREEDOM, get used to it. Maybe you’d prefer government price controls, like they have in China. In this country, you’re free to install solar panels and build a windmill in your backyard. All you Snowflake Lib Socialist who cry and want the more government control, need to grow up! We want LESS government intrusion — not more. Let the market set prices!!!!! #FreedomMeansFree #CapitlismIsFreedom
I am far from a lib socialist but I also know when a company has a monopoly in an area and takes advantage of its customers. It’s only capitalism if the consumer has choice and we as consumers do not have a choice as to who provides our electric services.
Jen R. We agree with you.
It’s not a “free” market. Duke energy has a monopoly in municipalities. We can’t change our electric provider. All we can do is contact our reps, but there is a good chance duke is in their pocket.
Honest question: Is the Public Utilities commission part of the Executive? Do they need Legislative approval?
@tell the truth your right it’s not corporate greed as this article so nicely explains! Lol
https://childrenshealthdefense.org/defender/utility-bills-corporate-greed-shareholder-profits/
Were corporations not greedy between 2016 and 2020? Asking for Americans everywhere…..
Duke could keep rates low if they weren’t on board with the reduction of fossil fuels and were against green energy. They closed 9 out of 11 coal fired plants and opted instead for more expensive energy trying along the way to sell the consumer on wind and solar. Nuclear is by far the cleanest and the cheapest but Duke hasn’t mentioned a word of that. Capitalism and corporate greed are 2 separate things. Duke was all on board with HB952 and so were 52 of the republican law makers. I for one think they can do better and I got totally out of the stock market. 2023 does not look pretty.
I bill just went up 50 percent, yet I use on average 10 percent less per month than last year at this time. When you call you cannot get a straight answer on anything. Time to put some solar up because they are a monopoly in this area.
This is inflation, plain and simple, from mass government borrowing and cheap credit. We’re lucky electric rates have taken this long to jump up; their costs have been rising for over a year.
Asking and getting are two different things when we’re talking about a regulated monopoly, though. They will get an increase, but I don’t see it being as much as they want. DUK was a great buy in October, but not now, IMO.
Why are customers going to pay for improvements for the companies infrastructure upgrades? Isn’t this a requirement to keep making money? If the infrastructure failed so would their ability to make money. The stock holders should be paying this cost instead of making record profits.
FDT. You spoke exactly what I was thinking
I love how they say it’s the “ first rate increase”…….since three years ago.
Maybe…consider granting the request provided:
1. A noticeably lower outage rate is obtained
2. Customers suffering a preventable outage are compensated by not being billed that month.
Everything is going up. Its called inflation. If you want to complain how about complaining about the almost 100 billion we are sending to Ukraine. If you approve of sending all this money to the white folk in Ukraine then you are definitely a racist. When have we ever sent that kind of money to a poor nation in Africa?
Agreed! How about we help the poor and homeless here in America instead of helping everyone else!
Every year Africa recieves over 133 billion internationally. Every year half of that is sent from USA.
Africa is a continent with many countries while Ukraine is one nation. And a very corrupt nation at that.
Ukraine is not racism, it’s money, as always. Ukraine is corrupt to the core and high ranking Americans make loads of money there. That would all be over if Russia annexed it.
BUT LOOK AT THIS.
I just noticed fudgy math in the article. It says NET increase of 8.5% first year. But the stated typical numbers are an increase of a whopping 11.6%!! First year!
CAPITALISM 🤣
North Carolina Utilities Commissions is GOVERNMENT they will decide the increase🤔
@spreading lies 🙂
Oh an unelected body of bureaucrats deciding utility prices…what could do wrong?!
Totally missing the point. This was planned and this is HB 951 and the NC New Green deal passed by Republicans and signed by the Governor. I tried to warn everyone this was running when I ran for office but no one listened. There is more to come. Read HB 951 and you will understand what mandates the Republican General Assembly put on Duke and the public utilities for solar purchasing and carbon emissions reductions driving up your rates.
Interesting, as soon as it gets cold we get rolling blackouts. This is how other power conglomerates have gotten their rates up in the past.