Duke Energy has already requested steep rate increases starting next year to cover the cost of building new infrastructure. This week, the utility filed to raise rates again to cover fuel and power costs.
The filing comes five months after the utility requested steep rate hikes of over 10% starting next year.
In its latest request, Duke Energy is asking to recover fuel costs from January’s winter storms, spreading out the cost recovery over 19 months. Duke Energy Carolinas reported under-recovering a projected $500 million since September 2025.
The new rates would take effect June 1. They would increase average rates for Duke Energy Carolinas customers by an additional $6.90 per month and $7.88 per month for Duke Energy Progress. Duke Energy neither earns nor loses money on fuel or power purchases.
Gov. Josh Stein criticized the filing on Wednesday, saying “the Utilities Commission should step in to secure an affordable energy future for North Carolinians.”
“I vetoed Senate Bill 266 for exactly this reason: because it would further expose North Carolina ratepayers to volatile fuel markets and shift the cost of electricity from large industrial users onto the backs of regular people, making your utility bills more expensive,” Stein said in a written statement.
Senate Bill 266 removed restrictions on Duke Energy’s ability to recover fuel costs and allowed the utility to recover fuel costs at shorter intervals.
Duke customers can comment on the proposed rate hike on the North Carolina Utilities Commission website, using the relevant docket number:
- E-2 Sub 1358: For Duke Energy Progress customers, whose average monthly rates would increase by $7.88 on June 1.
- E-7 Sub 1313: For Duke Energy Carolinas customers, whose average monthly rates would increase by $6.90 on June 1.
