Duke Energy Files for $800 Million Rate Hike To Recover Winter Storm Costs
Monthly bills would jump by $6.90 to $7.88 for customers starting June 1, lasting 19 months.
Duke Energy filed a request with the North Carolina Utilities Commission this week. The company wants to recover about $800 million in fuel and power costs from January's winter storms. Monthly bills would jump by $6.90 to $7.88 for customers starting June 1, lasting 19 months.
The utility reported under-recovering a projected $500 million for Duke Energy Carolinas and $309 million for Duke Energy Progress since September 2025. During the cold snap, the company had to buy electricity from neighboring utilities at high market rates when demand exceeded its own generation and storage capacity.
Temperatures dropped 10 to 20 degrees below normal this winter. Jan. 27 marked the highest day of winter energy demand in the company's history.
"When customers need power the most — during extreme cold or heat — reliability is not optional," said Kendal Bowman, the utility's North Carolina president, in a news release, according to the Charlotte Observer. "Our responsibility is to deliver electricity safely and reliably, even when demand exceeds what our system can supply on its own."
This proposal comes on top of a separate pending rate increase request of about 15% that has drawn criticism from state leaders. If the commission approves both requests, households could see higher bills for energy use going forward and to cover earlier winter costs.
Gov. Josh Stein called on the commission to reject the request. "The Utilities Commission should step in to secure an affordable energy future for North Carolinians," Stein said in a statement.
Stein vetoed Senate Bill 266 last year. State lawmakers passed the measure over his veto. The law allows utilities to more easily pass along fuel and energy expenses, including costs tied to market conditions.
"I vetoed Senate Bill 266 for exactly this reason: because it would further expose North Carolina ratepayers to volatile fuel markets and shift the cost of electricity from large industrial users onto the backs of regular people, making your utility bills more expensive," Stein said.
The company has added 150,000 customers in North Carolina over the past two years. According to the filing, the utility neither earns nor loses money on fuel or power purchases.
Tens of thousands of residents across the Carolinas have signed a petition calling for an independent audit of the company. Many customers reported sharp increases in their monthly costs following the winter.
Customers can comment on the proposed rate hike on the North Carolina Utilities Commission website. Use docket E-2 Sub 1358 for Duke Energy Progress or E-7 Sub 1313 for Duke Energy Carolinas.
