2980 N. National Road, Suite A, Columbus, IN 47201, Main Switchboard: (812) 372-7811 Due to that longer time frame, the actual monthly increase visible on energy bills will be 3.8%. It also needs to make significant investments to prepare for the adoption of a slew of new power sources, such as wind and solar, to help North Carolina meet its aggressive carbon-reduction goals laid out in bipartisan legislation approved by Democratic Gov. Type a symbol or company name. The rate case is similar to one filed in October by Duke Energy Progress, which covers customers in eastern and central North Carolina -- including those in Raleigh, Fayetteville and Wilmington - as well as in and near Asheville. The rate revision will take into consideration nearly $620 million invested by the company since 2017-end to improve the quality of water and wastewater services.On Mar 1, 2021, CMS Energy's CMS subsidiary, Consumers Energy, filed a request for a $225-million application with the Michigan Public Service Commission seeking an increase in its electric generation and distribution rates based on a test year ending December 2022. North Carolina also could look to join a regional transmission organization (RTO) that crosses state lines and allows less duplication of resources. CHARLOTTE Higher rates are going into effect for Duke Energy customers. Towers like these are present across Duke Energy service territories, including Johnson County. Today's window film is also cheap and nearly invisible, Gay said. Proceeds from the rate case initiated by the state Utilities Commission, the first initiated by the Duke Energy subsidiary since 2019, would go in part to make electric grid reliability and security improvements and help it collect more power from renewable sources, the company said. [READ MORE: Local mortgage company becomes USO sponsor]. The bill, which Strickland had tried to get passed before, would direct researchers at the University of North Carolina at Chapel Hill to conduct a study of North Carolina's power market and see if any reforms could lead to lower rates and other public benefits. Duke Energy Indiana Rate Case The utility is looking for an increase of 15.7% over three years. Copyright 2023 Scripps Media, Inc. All rights reserved. But beware super low teaser rates that go up after a couple of months. Its asking North Carolina regulators to approve a nearly 18% increase to customers bills that would be stretched over three years beginning in January 2024. Duke Energy Seeks to Raise Rates for Florida Customers - My News 13 Duke Energy is seeking regulatory approval to raise its rates, citing rising fuel costs, for the second time in the last four months. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Duke Energy's 16 percent increase will lead to an increase of $8.80 per month for the average customer, or $105 per year, according to an estimate from Curp's office. That amounts to $615 million in additional. If approved by regulators, the new rates would take effect in October and last for three months into December. CHARLOTTE, N.C. -- Duke Energy Carolinas asked North Carolina regulators on Thursday to let it raise residential electricity rates by nearly 18% over three years as part of a broad request to raise revenues from its 2 million customers in the state. You should not need any more money from us, resident Lauran Tench said. Everything is going up," Frazier said. The recent approval by the NCUC for a rate increase in North Carolina will be instrumental for Duke Energy to recover costs of investment and thereby, expand its operations and provide better services. Brandon Moree, spokesperson with the N.C. High School Athletic Association, said the agency had yet to hear any concerns about the rate hike. They will go into effect on June 1. Since mid-2021, the electric utility has seen costs for coal and gas increase significantly. Back at Woods Hardware, Tom Frazier worries about his elderly neighbors this winter, saying "everything right now is very expensive.". Duke Energy currently carries a Zacks Rank #3 (Hold). This station is part of Cox Media Group Television. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Toll Free: (800) 876-7811, Duke Energy asking for new three-month rate hike, Mill Race Marathon taps ZwanzigZ for commemorative brews, Library childrens department to reopen soon as flooring work continues, Library milestone: Hope branch prepares to celebrate 25 years. Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps"). The company rolled out power outages to mitigate overwhelming energy use during one of the coldest weekends in recent years, The Charlotte Observer previously reported. The. It would appear on bills as an additional $11.71 per billing cycle, meaning a residential customer with a bill of $163.53 right now would see it go up to $175.24. The group would have to hold a hearing and get feedback from customers and advocacy groups before a decision is made. A subsidiary of Duke Energy serving lots of central and western North Carolina wants electric regulators to let it raise residential electricity rates by nearly 18% over three year. Meantime, Duke suggests signing up forBudget Billing (sometimes called even billing), where you spread your winter payments out over the whole year, paying the same amount each month. Duke Energy has just announced that those soaring prices will impact our bills starting this month, raising its rate to $0.713 per hundred cubic feet of natural gas as of Oct. 1. Electricity rates will rise 9.9% on Thursday for Duke Energy Progress customers in Asheville, Raleigh and eastern North Carolina, because of higher costs for natural gas. COA affirms for Duke Energy to raise customers' rates The average rate increase will be 5.3% for residential customers, 4.7% for commercial customers and 3.6% for industrial customers. Duke Energy Progress has filed for its first multiyear rate hike, asking North Carolina regulators for a total increase of 16% by the end of 2025. These symbols will be available throughout the site during your session. The increase, approved by the N.C. Utilities Commission, includes a temporary 2.8% hike and another 2% increase because of the expiration of a federal tax refund. Norton said locking in multi-year increases ahead of time provides more financial stability for Duke, its investors and industry especially as the utility moves toward more carbon friendly initiatives and offers customer more predictability as to what their future bills will look like. Kentucky. Last year's fuel surcharge, which went into effect Jan. 1, was 8.4% for residential customers. If state regulators approve, it would impact two million customers in the state, including Charlotte. Under the three-year rate increase proposal, residential customers could see their bills increase by 18.7% by October 2025. Towers like these are present across Duke Energy service territories, including Johnson County. Duke Energy officials said in a statement that the rate increases are not permanent. Duke Energys current electric rates for residential customers will increase by 16%, or an increase of 24.6% from what customers paid from July to September 2021. Norton said Duke Energy Carolinas rates are far below most of our Southeastern peers and 33% below the national average. Duke Energy has just announced a jump in natural gas prices for homeowners, to their highest level in 7 years. North Carolina's future energy roadmap rolled out amid criticisms, Christmas blackouts, Proposed bill could stymy North Carolina's offshore wind development, Your California Privacy Rights/Privacy Policy. The 'return' is the yearly profit. The company also announced a new customer assistance program for those struggling to pay their bills. As Duke Energy Progress serves 1.4 million households and businesses in central and eastern North Carolina and in the Asheville region, implementing the rate hike will likely boost its earnings growth.Notably, the companys robust five-year capital plan and current plans of investing more than $29 billion in electric utilities and infrastructural growth projects over the 2021-2023 timeframe support this step. So with it looking that your winter heating bill could be $50, even $100 a month, higher this year, you might want to stop in your local hardware store and talk to them about insulation -- and other ways to lower that bill. A Duke spokesperson said they entered an agreement with the Attorney Generals Office and the Sierra Club to cut the cost to $3 billion, saving each homeowner $1 a month. Utility representatives also said in filings that constraints from high gas prices, coal supply and fossil fuel transportation have significantly affected how Duke Energy operates its fossil fuel thermal plants and how the utility purchases energy and fuel in the marketplace. In the petition, Duke requested the IURC to investigate all aspects of its operations and to approve its suggested rate increases. In the filings, Duke Energy announced its intent to increase its current electric rates for residential by 16%, or an increase of 24.6% from what customers paid from July to September 2021. Old single-pane window? According to the U.S. Department of Energy Information Services, North Carolina's electricity rates are roughly mid-table when compared to other states, including neighboring states, with generally cheaper power available in the West and more expensive bills for residents of New England. Duke Energy (DUK) Plans to Hike North Carolina's Energy Bills However, the increases are not expected to be permanent, Protogere said. Five years ago, she and her neighbors got word that there were elevated levels of heavy metals in their well water. Duke Energy Carolinas, the second largest utility company in the U.S., proposed in March an approximately 18% increase on household utility bills over the next three years. Playing under the bright Friday night lights just got a whole lot more expensive. The two increases combined total $34.30 over the last two FAC proceedings, documents show. Duke Energy: Why are electric bills so high? - Cincinnati Enquirer We also have been working to overcome supply chain challenges to ensure we have sufficient supplies of fuel available for summer and winter the times of highest electric demand, Pinegar said. Duke Energy Corp. DUK recently announced that its subsidiary Duke Energy . State officials, residents and some protesters were at the commissions public hearing at the Mecklenburg County Courthouse last Thursday. By far the largest increase is being absorbed by schools and others that operate athletic fields at night, with Duke raising the rates for sports field lighting by 22.2% as of Oct. 1. In July 2019, Duke Energy filed with the IURC a petition for authorization to increase its retail rates and charges for electric utility service. The utility has experienced a significant and prolonged rise in coal, natural gas and wholesale power prices between when the projections were made and when the rates go into effect, filings say. If approved by regulators, the new rates would take effect in July and remain in effect through September. Duke Energy rate hike proposal would boost bills by 6.6% for Electricity rates will rise 9.9% on Thursday for Duke Energy Progress customers in Asheville, Raleigh and eastern North Carolina, because of higher costs for natural gas. Timing will depend on state regulatory commission approval. If approved, that plan would start in January with a 10.5% increase in residential customers utility bills. Duke Energy Indiana has made every reasonable effort to acquire fuel and generate or purchase power or both so as to provide electricity to its retail customers at the lowest fuel cost reasonably possible, the filing says. All Rights Reserved - The Associated Press contributed to this report. Customers would then see a 3.8% increase in 2025 and a 3.6 increase in 2026. GREENVILLE, N.C. (WNCT) Duke Energy customers' rates will be increasing by 4.8% starting this Thursday. Duke Energy Progress electric rates will increase by an average of 4.7% across all customer groups, effective June 1. It would be followed by a $3.90 increase in January 2025 and a $3.18 increase in January 2026, officials said. Advocates, healthcare professionals, educators and scientists with CleanAIRE NC say they oppose the companys hike and the burden higher bills will put on low-income families already struggling to pay energy bills. More information can also be found online at duke-energy.com. Courtesy of the approval from NCUC, Duke Energy Progress will increase its electric rates by an average of 4.7% across all customer groups, from Jun 1. Regulators are expected to rule on Duke's proposal this summer. Duke Energy Rates Will Increase Over Next Three Years Did Duke Energy Corporation (NYSE:DUK) Use Debt To Deliver Its ROE Of 7.5%? In the filings, Duke Energy announced its intent to increase its current electric rates for residential by 16%, or an increase of 24.6% from what customers paid from July to September 2021. If approved, the new rates will be phased in over two years, with a proposed 13.6% increase in 2020 and a 2% increase in 2021. Duke Energy Progress will impose a temporary rate hike on N.C. customers on June 1. Learn about careers at Cox Media Group. There also is the matter of supply chain challenges, which Duke has been working to overcome, Protogere said. Potential changes to the state's electricity market could include breaking up North Carolina's vertical monopoly, where Duke owns the power plants and the state's distribution network, and allowing other utilities or private sector vendors to sell power to North Carolina customers in effect injecting competition into the market.
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