- Customer and stakeholder feedback informs more cost-effective way to reliably serve North Carolina’s customers
- Duke Energy will contribute $10 million to help customers most in need
CHARLOTTE, N.C., July 17, 2026 /PRNewswire/ — After listening carefully to customer and stakeholder feedback, Duke Energy Carolinas and stakeholders have reached an agreement that will allow the company to continue building the infrastructure needed to reliably serve North Carolina while reducing the proposed rate increase by more than half.
The changes are reflected in a new agreement between the company and North Carolina Public Staff, the agency representing utility customers. Other parties to the agreement include Carolina Industrial Group for Fair Utility Rates, Carolina Utility Customers Association, North Carolina Sustainable Energy Association and Walmart, with others expected to join in the coming days.
Our view: “In light of the cost pressures our customers are facing, along with continued conversations with other stakeholders, we felt we had to do more,” said Kendal Bowman, Duke Energy’s North Carolina president. “We appreciate our stakeholders’ engagement in finding a path that allows us to more cost-effectively serve the Tar Heel State. Our shareholders will also contribute $10 million to low-income bill assistance and weatherization programs – over and above our existing funding – which will make a real difference for customers who need help the most.”
The company agreed to pursue similar terms for its Duke Energy Progress customers.
Agreement summary:
- If approved by the North Carolina Utilities Commission (NCUC), the result is an average annual increase of 3.7% over two years.
- 9.8% return on equity and 53% equity component of the capital structure.
- New Multiyear Rate Plan (MYRP) refund rider will return money to customers, with interest, if planned infrastructure upgrades are not completed on time.
- Reduced customer costs for Belews Creek reliability upgrades due to federal funding.
Why it matters: Since the request was initially filed last November, customers have made clear they’re struggling to pay their bills, and Duke Energy has responded.
“We’ve agreed to reduce rates even more than in our prior settlements, while still allowing us to make vital infrastructure investments to meet existing and future customer needs,” said Bowman. “Our duty is to protect reliability at the lowest possible cost, and we believe this agreement achieves that balance.”
What’s next: NCUC will consider the agreements and make the final decision – if approved, new rates will go into effect Jan. 1, 2027.
Duke Energy Carolinas serves about 2.3 million households and businesses in central and western North Carolina, including Charlotte, Durham and the Triad, while Duke Energy Progress serves about 1.6 million customers in central and eastern North Carolina and in the Asheville region.
Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,800 megawatts of energy capacity, supplying electricity to 3 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company’s electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.
Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.
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SOURCE Duke Energy