Duke Energy is asking regulators to raise electric rates after a historic winter surge forced it to spend nearly $800 million to keep the grid up.
The utility filed the request with the North Carolina Utilities Commission following an extreme cold stretch in late January and early February.
Demand hit a record 37,308 megawatt-hours on Jan. 27, the highest winter peak ever on Duke’s Carolinas system. The spike exceeded the company’s generation capacity, forcing it to buy power from neighboring utilities at higher prices.
Duke is seeking to recover $500 million for its Carolinas division and $309 million for its Progress division. The company says the request includes no markup and reflects only actual costs.
Governor Stein issued the following statement after the request was submitted:
“On top of a proposed 15% rate hike, Duke Energy is now asking North Carolinians to foot the bill for an additional $800 million in increased fuel costs. 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. Republican legislators knew this too – but still left North Carolinians holding the bag. The Utilities Commission should step in to secure an affordable energy future for North Carolinians. We must do everything we can to make life more affordable for families, not more expensive.”
If approved, monthly bills would increase starting June 1.
- Duke Energy Carolinas customers using 1,000 kWh would pay about $6.90 more per month
- Duke Energy Progress customers using 1,000 kWh would pay about $7.88 more per month
To limit the impact, Duke proposes spreading the costs over 19 months instead of the usual 12.
The increase would affect millions of customers, including those in Charlotte.
For local residents, it’s another sign that extreme weather is beginning to drive higher utility costs long after the temperatures return to normal.
