NC Utilities Commission approves Duke Energy Progress request to lower customer rates by 4.5%

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Dec 02, 2024, 09:58 ET

Falling fuel prices result in lower customer rates
Annual bills for typical residential customer are $235 below national average

CHARLOTTE, N.C., Dec. 2, 2024 /PRNewswire/ -- Starting Dec. 1, rates for Duke Energy Progress residential customers in North Carolina fell by 4.5% as part of an annual adjustment for the cost of fuel used to generate electricity at the utility's power plants.

A typical residential customer in North Carolina using 1,000 kilowatt-hours (kWh) per month will see an overall decrease of $7.34, or about 4.5% lower than prior rates, falling from $161.97 to $154.63. That is 11% below the national average of $174.21 – a difference of approximately $235 per year.

Commercial customers will benefit from an average decrease of about 6.3%, while industrial customers will see an average decrease of less than 0.1%.

Duke Energy Progress serves about 1.5 million customers in central and eastern North Carolina, including Raleigh, as well as the Asheville region.

A similar decrease for Duke Energy Carolinas customers will go into effect on Jan. 1, when rates for residential customers drop 3.6%.

Customer Savings Driven by Falling Fuel Prices

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 Nov. 13.

Duke Energy Progress 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 Progress

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.7 million residential, commercial and industrial customers across a 28,000-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 X, 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

SOURCE Duke Energy