- Falling fuel prices result in lower customer rates
- Bill for typical residential customer will be 23% below
national average
CHARLOTTE, N.C., Aug. 28,
2024 /PRNewswire/ -- Duke Energy Carolinas customers
in North Carolina will see their
electric rates fall starting Jan. 1
as part of an annual adjustment for the cost of fuel used to
generate electricity at its power plants.
A typical residential customer in North Carolina using 1,000 kilowatt-hours
(kWh) per month will see an overall decrease of $5.17, or about 3.6%, from current rates, falling
from $142.17 to $137. That is 23% below the national average of
$177.09 – a difference of
approximately $480 per year.
Commercial customers will see an average decrease in their bills
of about 7.4%, and industrial customers will receive an average
decrease of less than 1%.
Duke Energy Carolinas serves about 2.2 million households and
businesses in central and western North
Carolina, including Charlotte, Durham and the Triad.
A proposed decrease for Duke Energy Progress customers is
currently being evaluated by regulators; if approved, those
customers would also see rates decline starting Dec. 1.
Large Drop Follows Temporary Increase
To ensure accurate rates, the North Carolina Utilities
Commission (NCUC) annually reviews the fuel costs required to
generate electricity for customers, along with rider updates for
state programs to encourage clean energy adoption and reduce energy
use. The NCUC issued its order approving the annual adjustment on
Aug. 20.
On Sept. 1, residential rates will
briefly rise about 1.5% – $2.14 a
month for a 1,000-kWh customer – primarily due to a settlement
agreement with the NCUC Public Staff at last year's annual
adjustment, which spread a prior increase over 16 months instead of
12.
Then on Jan. 1, rates will
significantly decline when additional adjustments are made:
- A decrease of 8.8% to adjust for falling fuel prices
- An increase of 0.8% for energy efficiency and demand-side
management programs to lower energy use
- An increase of 2.9% to base rates, as previously approved by
the NCUC in its 2023 multiyear rate case order
The collective result is a 3.6% rate reduction for typical
residential customers, with the potential for an additional
decrease as a result of nuclear federal tax credits, pending a
forthcoming NCUC filing.
Duke Energy Carolinas works to actively manage fuel contracts to
keep costs as low as possible for customers. Bills reflect actual
fuel costs – customers pay what we pay. Additionally, carbon-free
nuclear provides about half of North
Carolina's generation and helps minimize price swings. Learn
more at Fuel Costs & Your Bill.
Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,700
megawatts of energy capacity, supplying electricity to 2.9
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 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio
and Kentucky, and collectively own
54,800 megawatts of energy capacity. Its natural gas utilities
serve 1.7 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious clean energy transition,
keeping reliability, affordability and accessibility at the
forefront as the company works toward net-zero methane emissions
from its natural gas business by 2030 and net-zero carbon emissions
from electricity generation by 2050. The company is investing in
major electric grid upgrades and cleaner generation, including
expanded energy storage, renewables, natural gas and nuclear.
More information is available at duke-energy.com and the
Duke Energy News Center. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook,
and visit illumination for stories about the people and
innovations powering our energy transition.
Contact: Bill Norton
24-hour media line: 800.559.3853
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SOURCE Duke Energy