Duke Failing Strategy Produces Rate Increases Across NC
If you’ve gotten your electric bill lately, you probably already know that Duke Energy’s rates are skyrocketing higher than New Year’s fireworks. Cascading rate increases are to blame—and they’re all part of Duke’s plans for our energy future. Here is how Duke’s failing strategy produces skyrocketing bills for North Carolinians.
Here’s what one local news station in Asheville learned about why bills were soaring in December. “News 13 spoke with several Duke representatives who said the power company did have a state-approved rate increase of 5.8% in October 2023. Then, just two months later in December, a fuel rate increase of 4.1% was passed on to customers.” Duke also cited higher electric usage, but customers disputed this to the station.
The station’s report also took note of future rate hikes which have already been approved by the NC Utilities Commission (NCUC). Future rate hikes include another 3.2% hike going into effect in October 2024. And yet another 3.4% taking effect in October 2025. Of course, these are subject to other “fuel rate” adjustments and special charges piled on top. The entire series of cascading rate hikes is based on Duke’s plans to add more costly methane gas plants and infrastructure.
Duke’s Fossil Fuel Obsession And Skyrocketing Bills
Why does Duke continue to invest in fossil fuels? Because they get more money. The more expensive the project, the more money they make due to a guaranteed 10% return on investment by the NC Utilities Commission. This could be the reason they don’t want solar companies building in NC: they don’t get their 10% cut.
But there’s still time to reverse this course toward spiraling electric bills and environmental disasters. That course correction must start with electing leaders. Leaders who take climate change seriously. Leaders who invest in increasing renewable energy development. That, combined with utility-scale battery storage, will lead us to an affordable and sustainable energy future.
Help us elect those leaders and create that future by donating.
