Duke Energy Progress Residential Rates Could Rise 9.3% Under Proposed Deal

RALEIGH, N.C. — A proposed Duke Energy Progress rate settlement could increase residential electric rates by about 9.3% over the next two years, according to the North Carolina Attorney General's Office. The deal has not yet received final approval from the North Carolina Utilities Commission.

The Attorney General's Office said an earlier 6.8% figure cited during rate-case testimony reflected the average increase across customer classes rather than the residential increase. Duke Energy Progress originally sought an 18.1% residential increase over two years before reaching the lower settlement with the North Carolina Public Staff and other parties.

Duke Energy says the settlement reduces its overall proposed increase by more than half and would result in an average annual increase of 3.4% over two years across customer classes if approved. The company also says shareholders would provide an additional $10 million for low-income bill assistance and weatherization, while customers would receive accelerated refunds tied to federal tax credits.

Attorney General Jeff Jackson declined to join the settlement, arguing the residential increase remains too high. The Utilities Commission will make the final decision. If approved, the new rates would take effect Jan. 1, 2027.

The case involves Duke Energy Progress, which serves much of central and eastern North Carolina and the Asheville region. Duke Energy Carolinas — which serves much of the Triad and western part of the state — is a separate utility and rate case.