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AARP AARP States North Carolina Money

Can you afford an electric utility rate hike?

Senior couple sitting at the kitchen table looking at digital tablet and recalculating their expenses.

RALEIGH -- Duke Energy/Progress has filed a rate hike application with North Carolina utility regulators that if approved, will increase residential rates by 16 percent over the next three years.

If the North Carolina request is fully approved, beginning Jan. 1, 2024, the monthly bill increase for a typical residential customer using 1,000 kilowatt-hours (kWh) per month would be $12.54, followed by a $3.90 increase in January 2025 and a $3.18 increase in January 2026. The average bill of $115.01 a month would jump to $134.63 a month by year three.

The company, headquartered in Charlotte, also serves other states including South Carolina where the Public Service Commission of South Carolina (PSCSC) recently approved a comprehensive settlement agreement with Duke Energy Progress on a rate review request filed with the commission in September of last year.

Beginning April 1, the typical residential customer in South Carolina using 1,000 kilowatt hours of electricity will pay about $10.95 more per month, or 8.2%. Commercial and industrial customers will see an average increase of around 3.7% and 2.2%, respectively (actual rates vary by customer class and size).

The total increase will be approximately $52 million, about 41% less than the $89 million Duke Energy Progress requested.

AARP North Carolina Director Mike Olender explains, "AARP and other opponents have been successfully tesified against the hikes in the past resulting in the Utilities Commission approving rate increases that are fair and reasonable."

Ratepayers concerned about the size of Duke Energy Progress request in North Carolina, have an opportunity to weigh in at one of several public hearings the NC Utilities Commission is holding in March. Ratepayers can show up at the hearings and testify about any hardships a sizable rate increase would create.

If unable to attend a public hearing and want to weigh in, you can email your public comments to the Commission or mail your comments to:
North Carolina Utilities Commission
4325 Mail Service Center
Raleigh, NC 27699-4300

Please include Docket Number E2 Sub 1300 in your correspondence.

Public Hearing Information:
March 6, Waynesville
March 13, Roxboro
March 14, Raleigh
March 20, Snow Hill
March 21, Lumberton

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