Duke Energy Progress seeks three-year, 16% rate hike in North Carolina The utility does have plans to try to ease the costs for customers, officials say. Duke Energy and Progress Energy: generating capacity as of June 2012 Duke Energy's water consumption intensity 2011-2016 Duke Energy's Scope 1 emissions from electricity generation 2005-2021 Those who live in Gaston Countys Belmont community said that is still too much, considering they have been living close to a plant, and for some, closer to coal ash ponds. The specific increase for individual customer groups will vary, depending on the rate they pay. While it may not provide as much rate relief as spreading the recovery over 12 months, (the) Applicants proposal makes the most sense when balanced against the risk of pancaking that could occur over time if we continue spreading the recovery out over a longer period of time, IURC commissioners concluded. Duke Energy rate hikes for all NC customers going into effect. All Rights Reserved - The Associated Press contributed to this report. Duke Energy to increase NC electricity rates for the next 3 years Type a symbol or company name. While rates are going up for all customers, with the average for all just over 4%, why is Duke increasing rates so much for sports field lighting? If state regulators approve, it would impact two million customers in the state, including Charlotte. North Carolina. Duke Kentucky filed its application on June 1, 2021, seeking an increase in natural gas base rates of $15.2 million, or 13.66 percent. As part of its order, the NCUC approved settlement agreements reached with more than 10 diverse customer and environmental groups around ash basin closure costs, future grid investments and other major components of the 2019 rate request. Thats why when there are volatile energy markets, it can have a big impact, Pinegar said. Utility representatives also said in filings that constraints from high gas prices, coal supply and fossil fuel transportation have significantly affected how Duke Energy operates its fossil fuel thermal plants and how the utility purchases energy and fuel in the marketplace. Duke has said it needs to raise rates to generate additional revenue to add resiliency and reliability to the state's power grid in the face of the growing threat from severe weather. A Guide to Reducing Your Health Care Costs, Breaking Barriers: Challenges and opportunities for Latino students, EQUALibrium: An exploration of race and equity in Charlotte, Falling short: Why Democrats keep losing most statewide races, IAAM: The New International African American Museum, EQUALibrium Live: Conversations on Race & Equity, June 2023 WFAE fund drive thank you gifts, NPR's Founding Mothers In Conversation With WFAE's Lisa Worf, We the People includes all Americans but July 4 is a reminder that democracy remains a work inprogress, The doctor who warned the world of the mpox outbreak of 2022 is still worried, To tip or not to tip? 2023 Cox Media Group. Did Duke Energy Corporation (NYSE:DUK) Use Debt To Deliver Its ROE Of 7.5%? The way North. Duke Energy asking for new three-month rate hike - The Republic Electricity rates will rise 9.9% on Thursday for Duke Energy Progress customers in Asheville, Raleigh and eastern North Carolina, because of higher costs for natural gas. Its asking North Carolina regulators to approve a nearly 18% increase to customers bills that would be stretched over three years beginning in January 2024. Toll Free: (800) 876-7811, Duke Energy requests rate increase due to market volatility, Hope considers its first-ever noise ordinance, Library childrens department to reopen soon as flooring work continues, Library milestone: Hope branch prepares to celebrate 25 years. We believe such rate increases, which in turn lead to notable earnings growth, will allow the company to duly achieve its long-term investment targets. Courtesy of the approval from NCUC, Duke Energy Progress will increase its electric rates by an average of 4.7% across all customer groups, from Jun 1. Electricity rates will rise 9.9% on Thursday for Duke Energy Progress customers in Asheville, Raleigh and eastern North Carolina, because of higher costs for natural gas. Utility representatives also said in filings that constraints from high gas prices, coal supply and fossil fuel transportation have significantly affected how Duke Energy operates its fossil fuel thermal plants and how the utility purchases energy and fuel in the marketplace. But in March it'll go up to $129. The annualized bill for a typical residential customer using 1,000 kilowatt . Duke Energy Progress receives approval for new rates in North Carolina Representatives of Duke Energy, which is Indianas largest electric utility provider, said in testimony filed with the application that the increase was needed due to continued volatility in fuel markets, which the company had also cited in its previous request to raise rates. The decision would ultimately be made by North Carolinas utilities commission. Duke energy apologized to customers after Governor Cooper and the NC Utilities Commission demanded answers about what happened and solutions going forward. Duke Energy Progress Files NC Rate Increase Proposal More information is at http://duke-energy.com/bill-help. Duke Energy's revenue 2022 | Statista the complete list of todays Zacks #1 Rank (Strong Buy) stocks here, Free: See Our Top Stock and 4 Runners Up >>, CMS Energy Corporation (CMS): Free Stock Analysis Report, NiSource, Inc (NI): Free Stock Analysis Report, Duke Energy Corporation (DUK): Free Stock Analysis Report, American Water Works Company, Inc. (AWK): Free Stock Analysis Report. They petitioned the states Utilities Commission to have the customers pay those costs. That amounts to $615 million in additional. Get ready: Duke Energy increasing rates by 4.8% starting this - WNCT Duke's proposed rate increases have drawn criticism from social justice, business, customer and environmental groups, who have called the proposals "excessive" for a company that reported a $2.56 billion profit last year on nearly $28.8 billion in revenue. They will go into effect on June 1. Duke Energy Progress electric rates will increase by an average of 4.7% across all customer groups, effective June 1. The company rolled out power outages to mitigate overwhelming energy use during one of the coldest weekends in recent years, The Charlotte Observer previously reported. WATCH | What are rolling blackouts and why do power companies do them? Regulators are expected to rule on Duke's proposal this summer. WASHINGTON - Duke Energy claims its growth of renewable energy sources "soared" in 2021, but the company generated just 5.4 percent of its electricity from wind and solar last year, according to a report the company released on Tuesday.. Save the Date! See more at www.wfae.org/climate-news. "Prices are rising throughout our economy, and fuel is no different. You should not need any more money from us, resident Lauran Tench said. The Associated Press contributed to this article. An evidentiary hearing on the proposal before regulators will take place at 10:15 a.m on June 15 at the National City Center, 101 W. Washington St., Indianapolis. Duke has already asked the Utilities Commission for a 16% increase over three years for its eastern North Carolina/Asheville division. Learn about careers at Cox Media Group. Duke Energy Corporation is one of the largest energy holding companies in the United States. For commercial customers, the rates will increase by less than 8.8% and for industrial customers, the rate will increase by less than 10.7%, according to filings. The change Duke Energy is proposing would start next year with a $12.54 raise in rates. GREENVILLE, N.C. (WNCT) Duke Energy customers' rates will be increasing by 4.8% starting this Thursday. Blame this sausage-shaped piece of your brain, Rising natural gas prices push up Duke Energy electric rates in NC, Duke Energy seeks a 16% rate hike for eastern NC and Asheville. It's the smallest. These issues are affecting the cost of the power the company both produces and purchases in energy markets, she said. The changes will add $11.70 to the monthly bill for a typical residential customer using 1,000 kilowatt hours per month. Do Not Sell My Personal Information (CA Residents Only). Duke Energy annual revenue for 2020 was $23.366B, a 6.83% decline from 2019. (Watch: Duke Energy rate increase to impact how much you pay in utilities), Duke Energy rate increase to impact how much you pay in utilities. The group wants Duke Energy to invest in renewable energy to mitigate fossil fuels negative impact. Duke Energy Indiana has made every reasonable effort to acquire fuel and generate or purchase power or both so as to provide electricity to its retail customers at the lowest fuel cost reasonably possible, the filing says. Since mid-2021, the electric utility has seen costs for coal and gas increase significantly. In the filings, Duke Energy announced its intent to increase its current electric rates for residential by 16%, or an increase of 24.6% from what customers paid from July to September 2021. The annualized bill for a typical residential customer using 1,000 kilowatt-hours of electricity per month will rise to $119.83 from the current $113.53 over the next two years. 1, 2023 at 9:22 AM PDT CINCINNATI (WXIX) - As June begins, Duke Energy customers in southwest Ohio can expect to see their monthly bill increase by an estimated $30. Select your location. Proceeds from the rate case initiated by the state Utilities Commission, the first initiated by the Duke Energy subsidiary since 2019, would go in part to make electric grid reliability and security improvements and help it collect more power from renewable sources, the company said. Duke Energy Carolinas says customers will see a 0.7% average increase in rates now that regulators have given final approval on its rate request. Financial assistance is available through Duke Energys Share the Light program, where eligible customers can receive up to $300 in energy bill assistance. While the rates have gone up, company officials say the increases are not permanent. Duke Energy Progress will impose a temporary rate hike on N.C. customers on June 1. Duke Energy said the new rates are reduced by customer savings as a result of federal and state tax reform. Duke Energy expects the commission to make a decision on the proposed increase for 2024 by December, company spokesman Bill Norton said. "I think everybody is concerned, just like with prices at the grocery store. Duke Energy also teamed up with Charlotte to launch a pilot program that provides free home repairs and upgrades to customers whose outdated appliances may be hiking energy bills. Russell Clark, spokesperson with the New Hanover County Schools, said the rate increase has been incorporated into the district's utility budget. A residential utility bill now sitting around $115 would be about $20 more each month by 2026 under the proposed rate increase, according to Duke Energy. This months hearings were slated shortly after nearly 500,000 Duke Energy customers lost power statewide during blackouts on Christmas Eve 2022. Also check out the Ohio Energy Choice website,and consider locking in to an alternate energy supplierif you live in Ohio, which can save 10% to 20% over Duke in some cases. If the commission approves Duke Energys Customer Assistance Program, Norton said, rates for many low-income families would go down, not up. In the filings, Duke Energy announced its intent to increase its current electric rates for residential by 7.2%, or 29.8% over what these customers paid for the same period last year. I dont think I should have to pay a cent to Duke to clean up the mess they made, she said. The two increases combined total $34.30 over the last two FAC proceedings, documents show. Duke Energy has just announced a jump in natural gas prices for homeowners, to their highest level in 7 years. These symbols will be available throughout the site during your session. The High Bill Alerts feature is designed to let customers know if their bill is going to be higher than usual so they can adjust their electric consumption, Protogere said. In testimony filed with the application, the utility said that the increase was needed due to volatility in fuel markets. These new rates would result in costs being more fairly distributed across all customer classes, he added. They fought to get off the well system and now must pay more money. But supporters of North Carolina's current system said having a regulated rather than a deregulated power market allows public discussion and input over the state's power direction, protects consumers from aggressive business practices like the scenarios that happened in California nearly two decades ago with the Enron collapse and in Texas in 2021 when a punishing winter storm collapsed the grid, and limits massive rate hikes. Duke Energy has just announced that those soaring prices will impact our bills starting this month, raising its rate to $0.713 per hundred cubic feet of natural gas as of Oct. 1. For commercial customers, the rates will increase by less than 20.3% and for industrial customers, the rate will increase by less than 25.7%, according to filings. The markets are being affected by a variety of factors. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here.In a years time, shares of Duke Energy have increased 16.8% compared with the industrys 6.5% growth. Following a . The average rate increase will be 5.3% for residential customers, 4.7% for commercial customers and 3.6% for industrial customers. Heres when tickets go on sale for this years St. Jude Dream Home, Northwest Charlotte house catches fire after fireworks shot into it, firefighters say, Video shows brawl at Romare Bearden Park, police respond to several fights, 1 killed, 1 injured in northwest Charlotte shooting, police searching for suspect, More than $1 billion available in NCs unclaimed property fund, PLAN AHEAD: Latest Weather Forecast Video, Duke Energy apologizes after thousands lose power over Christmas weekend, Gov. These issues are affecting the cost of the power the company both produces and purchases in energy markets, he said. As Duke Energy Progress serves 1.4 million households and businesses in central and eastern North Carolina and in the Asheville region, implementing the rate hike will likely boost its earnings growth.Notably, the companys robust five-year capital plan and current plans of investing more than $29 billion in electric utilities and infrastructural growth projects over the 2021-2023 timeframe support this step.