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Duke Energy Rate Increase Approved

Duke Energy logo on the website homepage.
Casimiro
/
Adobe Stock
Duke Energy logo on the website homepage.

Duke Energy customers can expect to see a 3 to 4 percent increase on their bills in 2022. The rate increase comes as the Public Service Commission approved a settlement agreement between Duke and other parties.

The agreement allows for a base-rate hike of $67 million in 2022, $49 million in 2023, and $79 million in 2024. Anastacia Pirrello with the Office of Public Counsel calls the increases “modest”.

“Modest rate increases will be phased in over a three-year period, and are only 1.5%, 1.1%, and 1.7% in each of the respective years," said Pirrello. "These increases are 100’s of millions of dollars less than the customer parties believe Duke expected to request from customers over this same period.”

The rate hikes mean the company will 195 million dollars spent on Hurricane Michael storm restoration. It says most of the revenues will be spent on expanding an electric vehicle program.