Duke Energy Carolinas rate settlement split as Attorney General objects to residential hike

Duke Energy Carolinas reached a settlement with the North Carolina Public Staff and stakeholder groups that reduces its originally proposed rate increase by more than half. The deal would raise customer bills by an average of 3.7% per year over two years, set a 9.8% return on equity and include a $10 million contribution for low‑income assistance and weatherization programs. It also creates a refund rider for missed infrastructure deadlines.

Attorney General Jeff Jackson, however, has declined to sign the settlement, arguing that residential customers would still face about a 9.5% annual increase – higher than the average figure presented by Duke. The AG’s office plans to continue pushing for lower rates and for rules that require data centers and other large users to bear the costs of new power infrastructure. The North Carolina Utilities Commission will review the agreement before any new rates take effect on Jan. 1, 2027.