It must be Groundhog Day for power companies, because we’re all waking up again to the looming prospect of Duke Energy raising our electric bills again. And again…

With electric bills already soaring in North Carolina, Duke Energy filed a new request last November to lock in additional rate hikes in 2027 and 2028. 

Residential Pays Higher Than Businesses

Duke’s request to the NC Utilities Commission (NCUC) would increase the rate paid by residential customers by an additional 13% effective January 1, 2027, plus another 5% increase  effective January 1, 2028. As usual, the rate hikes requested are higher for residential customers, with residents seeing an 18% cumulative hike compared to under 12% for industrial customers.

Typical residential customers in the Charlotte and Triad regions would pay about $17 more per month in 2027 and another $6.50 per month more in 2028. Rate increases in Duke’s eastern region would be slightly higher. All of this comes in addition to nationwide cascading increases in residential rates of 32% over the past decade, according to the U.S. Energy Information Administration. 

If approved, the rates would enable Duke to earn a return on equity of 10.95%, the company said. The average return on equity in 2024 for electricity and natural gas utilities was 9.7%, according to S&P Global Commodity Insights.  

All This for Duke’s Profit

It’s no coincidence that Duke is projecting huge increases in electric demand and planning a massive buildout of methane gas infrastructure to meet that demand – while rolling back clean renewable sources like wind and solar. Duke’s profits go up when its “rate base” infrastructure is larger and more expensive. 

Duke Energy Carolinas projects receiving an additional $1 billion in annual revenue from its requested rate hikes – $727 million generated in 2027 and $275 million in 2028 – a 15% increase over current revenue. 

Take Action!

Are you as sick and tired of paying higher electric bills for Duke’s dirty energy agenda as we are? Speak out in opposition at the public hearings overseen by the NC Utilities Commission. The members of this commission will decide whether to prioritize ratepayers or Duke’s profits. 

There will be a total of 11 in-person hearings held at locations across the state, as well as an opportunity to dial in to a virtual hearing or simply submit comments online. Hearings take place in March, April, and May. 

Want to comment but don’t have the time to write your suggestions from scratch? NCLCV will prepare suggestions for comments in an easy-to-use action alert for concerned ratepayers whose time is limited, and circulate a comment link in a near-future Conservation Insider Bulletin (CIB). If you’re not already subscribed to CIB, sign up today!

Tell Your Legislators To Prioritize Policies Benefiting Everyday North Carolinians

The cost of living is skyrocketing in North Carolina. NC clean energy businesses are declaring bankruptcy, jobs are being lost, and families struggle to pay their energy bills. All while billionaires get tax breaks and polluting corporations pad their pockets. These outcomes can be tied to two specific laws passed in 2025. Read more about these laws and tell lawmakers to prioritize policies and laws benefitting hardworking North Carolinians.