Duke Energy Carolinas proposes annual update to fuel charges for South Carolina customers

- Costs deferred from 2018 the primary reason for proposed increase

- If approved, new rates would begin to go into effect in October

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Jul 31, 2019, 11:05 ET

GREENVILLE, S.C., July 31, 2019 /PRNewswire/ -- Duke Energy Carolinas made its annual filing on July 30 with the Public Service Commission of South Carolina (PSCSC) for the costs associated with the purchase of fuel to generate electricity at its power plants.

The PSCSC reviews fuel costs and adjusts the fuel component of customer rates accordingly. By law, the company makes no profit from the fuel component of rates.

If approved, the total monthly impact for a typical residential customer in South Carolina using 1,000 kilowatt-hours (kWh) per month would be an increase of $2.21. Commercial customers would see an average increase in the fuel charge of about 0.7 percent, and industrial customers would receive an average increase of about 1.7 percent.

The company postponed collecting $34 million in fuel costs last year to minimize the impact to customers' bills – the main reason for the proposed increase. And with lower projected fuel costs for this year, the impact is further minimized.

The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true-up of the prior year's projection. If approved by the PSCSC, the new fuel rates would go into effect Oct. 1.

Duke Energy Carolinas serves customers primarily in the Upstate of South Carolina.

Helping customers save

Duke Energy Carolinas works to actively manage its fuel contracts to keep fuel costs as low as possible. Savings achieved from the joint dispatch of Duke Energy's generation fleet in the Carolinas also help to minimize the company's fuel costs.

Duke Energy Carolinas is also committed to helping customers take control of their energy use and manage their bills. The company offers energy-saving tips and innovative efficiency programs for every budget to help customers realize additional savings. For example, the Home Energy House Call is a free in-home energy assessment, valued at $180, designed to give Duke Energy customers more information about how they use energy in their home and strategies to save money on their monthly bill.

To learn more about these programs, visit duke-energy.com/savings.

Duke Energy Carolinas

Duke Energy Carolinas, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides approximately 20,200 megawatts of owned electric capacity to about 2.6 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Ryan Mosier
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SOURCE Duke Energy