Duke Energy rate drop coming for customers in Carolinas: Here’s when, how much - WBTV

Duke Energy rate drop coming for customers in Carolinas: Here’s when, how much

Electric rates to drop next year, but ...

CHARLOTTE, N.C. (WBTV) - Duke Energy will be dropping its rates for customers in the Carolinas after this year.

However, the drop will follow a temporary rate increase, officials said.

On Jan. 1, 2025, electric rates will decrease by 3.6% for Duke Energy Carolinas customers, officials announced on Wednesday, Aug. 28. The change is happening as part of an annual adjustment for the cost of fuel used to generate electricity at Duke’s power plants.

Rate drop breakdown

According to Duke Energy, a typical North Carolina customer who uses 1,000 kilowatt-hours per month would see an overall decrease of $5.17 (about 3.6%) per month. That means the current average monthly rate of $142.17 would fall to $137.

That average $137 monthly rate for North Carolina customers is 23% below the national average monthly energy bill, the company claims.

A proposed decrease for Duke Energy Progress customers is also being evaluated. If approved, those consumers would also see rates decline beginning Dec. 1, 2024.

A specific rate decrease for progress customers was not provided as of Wednesday.

But here’s the catch

The rate drop will happen after a “temporary increase” that’s scheduled to start on Sept. 1, 2024.

Duke Energy said residential rates will rise by 1.5%, about $2.14 monthly for a 1,000-kWh customer, beginning in September.

The company said the rise is due to a settlement agreement with the N.C. Utilities Commission made at last year’s annual adjustment, which “spread a prior increase over 16 months instead of 12.”

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