Duke Energy settles to cut North Carolina rate hike to 3.7%

Duke Energy Carolinas reached a settlement with the North Carolina Public Staff and major consumer groups that would slash the originally proposed residential rate increase. After earlier reductions from an 18% request to 11.6%, the agreement limits the average annual retail rate rise to 3.7% for two years, with the new rates slated to begin on 1 January 2027 pending approval by the North Carolina Utilities Commission.

Shareholders will contribute an additional $10 million to fund low‑income bill‑assistance and weatherization programs. The deal also adds a refund rider that returns money with interest if planned infrastructure projects are delayed, while federal funding helps lower costs for reliability upgrades at Belews Creek. The company says the settlement will still allow needed investments to modernize the grid and maintain reliable service.