Duke Energy Scales Back Proposed Rate Increase Following Public Pushback

Duke Energy Carolinas has significantly reduced its proposed electric rate increase after months of public hearings and negotiations with regulators and consumer advocates. AARP members showed up in numbers at the hearings held this spring across the state.

Duke Energy Carolinas covers the western half of the state, including Charlotte, and serves about 2.9 residential customers. Progress operates in the eastern half, including the Triangle region, serving 1.8 million customers. Both companies also serve parts of South Carolina. Combined, the utilities serve over 4.7 million people.

AARP Associate State Director for Advocacy Demarus Andrews, who has been helping AARP members share their concerns with state utility regulators said, “At a time when older adults are paying more for groceries, gasoline, health care and other essentials, people are extremely sensitive to cost increases that place too much of a burden on residential households.”

The company originally sought a residential increase of nearly 16 percent over two years and a 10.95 percent return on equity. Under a proposed settlement filed in July, the residential increase would be reduced to approximately 9.5 percent over two years, and the requested return on equity would fall to 9.8 percent. The North Carolina Utilities Commission is expected to review the settlement later this year before making a final decision.

AARP North Carolina believes the revised proposal demonstrates that public participation can influence utility proceedings. Thousands of consumers, including many AARP members, voiced concerns about affordability, particularly for older adults living on fixed incomes. While the settlement would reduce the company's initial request, AARP continues to urge regulators to carefully review all aspects of the proposal to ensure rates remain fair, reasonable, and affordable for North Carolinians.

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