Duke Energy cuts proposed rate hike in half following stakeholder deal

The revised plan, which requires final approval from the North Carolina Utilities Commission, marks a significant concession following public outcry over rising utility costs. Under the terms, Duke Energy will implement a 9.8% return on equity and provide a refund rider that returns money to customers with interest if the company fails to complete scheduled infrastructure upgrades on time. Additionally, federal funding will help lower costs associated with reliability improvements at the Belews Creek facility.

Kendal Bowman, president of Duke Energy North Carolina, noted that the company will contribute $10 million in shareholder funds toward weatherization and bill assistance for low-income households. This support comes as the utility looks to finalize similar terms for its Duke Energy Progress customers. If the commission clears the proposal, the new rate structure will take effect on January 1, 2027, impacting approximately 2.3 million households and businesses across the central and western regions of the state.