Duke Energy is one of the largest electric power holding companies in the United States, providing service to over 8 million customers across 6 states. In 2023, the company is implementing rate increases for its customers in North Carolina, as approved by the North Carolina Utilities Commission (NCUC).
As an electrical service provider, I want to help Duke Energy customers understand these upcoming rate changes, the reasons behind them, and how it will impact monthly bills.
Here are the key details on the Duke Energy rate increases going into effect in 2023:
It’s important to note that even with these rate increases, Duke Energy’s rates for North Carolina customers will remain below the national average.
There are a few key reasons why Duke Energy is implementing these rate increases in North Carolina:
Essentially, the rate increases allow Duke Energy to continue modernizing infrastructure, transitioning to cleaner energy, and covering the costs to reliably serve customers throughout North Carolina.
To understand how these rate increases will impact monthly bills, let’s look at the breakdown for a typical residential customer using 1,000 kWh of electricity per month:
Current monthly bill (pre-increase): $144.12
Total bill increase by late 2025: $17.86 per month
While certainly not a negligible increase, it is being phased in gradually over 3 years to try and limit the impact. According to Duke Energy, even with these increases, rates in North Carolina will remain below the national average.
For reference, the national average monthly bill for residential customers as of January 1, 2023 was $171.67.
Along with the rate increases, Duke Energy is implementing new programs to help offset costs for customers:
As an electrical service provider, I always encourage customers to explore energy efficiency and financial assistance programs available to help manage energy costs. Duke offers a variety of options for North Carolina customers to help reduce the impact of these rate increases.
As part of the rate case, Duke Energy agreed to implement performance-based regulation mechanisms for the first time in North Carolina. These measures are intended to limit rate volatility and provide more transparency and accountability around Duke Energy’s rates, investments, and customer costs.
The mechanisms include:
Overall, these performance frameworks will provide much more robust oversight and transparency from regulators around Duke Energy’s customer rates.
For Duke Energy customers in North Carolina, the key points to know about the 2023 rate increases are:
As an electrical service provider, I hope this overview has helped explain the reasoning for the increases, how monthly bills will be impacted, and the options available to manage costs going forward. Reach out with any other questions!
 Duke Energy Progress N.C. Rate Review Request. https://www.duke-energy.com/home/billing/dep-nc-rate-case-2022
 Duke Energy Progress receives approval for new rates in North Carolina, implements new programs to help customers. https://news.duke-energy.com/releases/duke-energy-progress-receives-approval-for-new-rates-in-north-carolina-implements-new-programs-to-help-customers
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