Duke Energy Progress rates decreased for North Carolina customers on Dec. 1 due to annual adjustments

- Typical residential customer's monthly bill going down by $3.81

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Dec 02, 2019, 14:03 ET

RALEIGH, N.C., Dec. 2, 2019 /PRNewswire/ -- Duke Energy Progress customers in North Carolina will see a drop in their electric rates this winter season.

Overall energy costs will decrease approximately 3.2% for residential customers, 4.5% for commercial customers and 1.6% for industrial customers.

The total monthly impact for a typical residential customer using 1,000 kilowatt-hours (kWh) per month is a decrease of $3.81, from $120.44 to $116.63.

The lower rates were reviewed by the North Carolina Utilities Commission, and include approved annual changes in costs associated with fuel, compliance with the state's renewable energy portfolio standard (REPS), cost recovery under the Joint Agency Asset Rider (JAAR), and requested changes to rates for implementation of energy efficiency (EE) and demand-side management (DSM) programs.

The main driver is a decrease in monthly fuel costs as part of an annual adjustment of the actual cost of fuel used to power North Carolina homes and businesses through renewable, natural gas, nuclear and coal-fired generation. By law, the company makes no profit from the fuel component of rates.

The new fuel, REPS and JAAR rates went into effect Dec. 1, 2019, and the new EE and DSM rates will go into effect Jan. 1, 2020.

Helping customers save

Duke Energy Progress works to actively manage its fuel contracts to keep fuel costs as low as possible for customers. 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 Progress 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 Progress serves 1.4 million households and businesses in central and eastern North Carolina and in the Asheville region.

Duke Energy Progress

Duke Energy Progress, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides about 12,700 megawatts of owned electric capacity to approximately 1.6 million customers in a 32,000-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.

Media contact (24-hour): 800.559.3853

SOURCE Duke Energy