Duke Energy has submitted a proposal to the North Carolina Utilities Commission (NCUC) seeking revised rates for its two state utilities, Duke Energy Carolinas and Duke Energy Progress. The company is requesting an annual revenue increase of $1 billion for Duke Energy Carolinas and $729 million for Duke Energy Progress, both representing increases of about 15% over current revenues. These requests are based on a return on equity of 10.95% and a 53% equity capital structure, pending approval by the NCUC.
If approved, residential customers using 1,000 kilowatt-hours per month with Duke Energy Carolinas would see their monthly bills rise from $144.98 to $162.20 starting January 1, 2027, followed by another increase in January 2028. Customers with Duke Energy Progress would experience a similar increase, from $163.84 to $186.95 in early 2027 and an additional rise the following year. Commercial and industrial customers would also face rate hikes during this period.
“Our goal is to deliver reliable power at the lowest possible cost for customers,” said Kendal Bowman, Duke Energy’s North Carolina president. “It’s important to strike the right balance of prioritizing investments that enhance the energy grid for current and future needs while also maximizing cost-saving measures for our customers.”
Duke Energy highlighted several efforts aimed at reducing costs since its last base rate review. The company cited savings from storm bonds issued after Hurricane Helene, which have saved North Carolina customers $422 million, as well as anticipated tax credits from its nuclear operations through 2032. Recent reductions in fuel prices were passed on to consumers last winter.
The company reported progress in upgrading its infrastructure to improve reliability and resilience against storms. Since 2022, it has expanded self-healing technology coverage to serve about three-quarters of North Carolina customers, preventing more than one million outages in the first ten months of 2025 alone.
Other recent investments include vegetation management along thousands of miles of lines and replacing or upgrading tens of thousands of distribution and transmission poles across the region.
Duke Energy serves approximately 3.6 million retail customers statewide and has added about 150,000 new accounts in North Carolina over the past two years due to population growth and business expansion—particularly new manufacturing projects that have brought significant investment and jobs to the area.
To support growing demand while managing costs, Duke Energy plans further upgrades to existing generation facilities—including nearly 300 megawatts (MW) of additional clean capacity at four nuclear stations by 2031—and new investments such as natural gas plants approved last year by regulators in Person and Catawba counties. The company’s multiyear plan includes investing $1.7 billion in battery storage projects across the region along with almost $400 million allocated toward solar projects paired with storage.
Bowman emphasized efforts to help customers manage rising costs: “Customers count on us to manage our costs on their behalf, but they also want options to manage their own bills now,” she said. Programs offered include weatherization assistance for income-qualified households, free home energy assessments through Neighborhood Energy Saver or Home Energy House Call initiatives, rebates via Smart $aver for efficiency upgrades, bill credits under Power Manager for shifting usage away from peak times, and incentives under PowerPair for installing solar or battery systems.
According to data shared by Duke Energy, these programs delivered average annual bill savings ranging from about $47 up to more than $150 per home last year among participating residential customers.
The proposed merger between Duke Energy Carolinas and Duke Energy Progress is still subject to regulatory approval; if completed next year as planned, this will be their final separate base rate review process before combining operations.
Public hearings regarding these proposed changes are expected next spring with a final decision on rates anticipated late in 2026. More information about assistance programs can be found at duke-energy.com/NorthCarolinaRates.
