Duke Energy’s Profits May Be Rising Even Faster Than Our Electric Bills
Duke Energy last week announced that it made $4.9 billion in profits in 2025. That’s up $400 million from 2024. Duke is predicting a major increase in demand, much of which is to come from new power-draining data centers.
Will Scott with the Environmental Defense Fund (EDF) said the higher electric bills are largely a result of the “Power Bill Reduction Act,” despite its misleading name, which passed over Gov. Josh Stein’s veto last year. Scott said, “We did an analysis that showed that this was going to increase bills for residential households in North Carolina, exactly at times like this.”
NCLCV blasted Duke over the news of record profits at a time when North Carolina families are struggling with skyrocketing electric bills. “Duke Energy today announced billions in profits while hard-working North Carolina families struggle to pay bills that continue to increase. Duke has claimed that their pending merger will save families millions in costs and will keep rates low. At the same time, Duke is back for more. They want to raise residential rates by 18% – despite record profits and with no incentive to lower costs – and even require captive consumers to pay for plants that haven’t been built,” said Michelle “Meech” Carter, NCLCV’s clean energy campaigns director.
She continues, “Duke is a monopoly focused on delivering profits for its shareholders. The NC Utilities Commission needs to stand up for ratepayers and deny this outrageous rate increase, while also requiring more cheap, renewable energy in the Carbon Plan. Our regulators need to do their jobs and approve a plan that actually promotes long-term energy affordability, not a plan that lines the pockets of Duke’s investors.”
Stein Announces Increased Investment in Energy Savers
In counterpoint to Duke’s news of soaring profits due to higher bills to customers, Gov. Josh Stein announced more state investments in helping families save on their electric bills through upgrades in energy efficiency. The Energy Saver NC program helps households save on utility bills each year through rebates for home efficiency upgrades and high-efficiency electrical appliances.
“Electricity bills are too high, and I am committed to doing everything I can to lower your costs,” said Governor Josh Stein. “North Carolina is expanding Energy Saver NC to all 100 counties. Now, eligible families across the state will be able to lower their energy bills about $1,000 a year on average and improve the comfort and safety of their homes. These upgrades also strengthen our energy system, help our environment, and support good jobs in communities statewide.”
“North Carolina is the first state in the nation to fully launch the Energy Saver program,” added Dept. of Environmental Quality Secretary Reid Wilson. “Now that the program is available across the state, eligible North Carolina families can lower their utility bills by up to $80 per month, and their homes will be more comfortable. These energy-saving steps will also reduce carbon emissions and improve air quality while supporting more than 2,000 jobs for the contractors doing the installations. That’s a win all the way around for North Carolina.”
Energy Saver NC’s funding of $208 million through 2031 will cover two types of rebates to eligible households of up to $16,000 for home efficiency upgrades like installing energy-efficient HVAC units, as well as up to $14,000 for new more energy-efficient appliances, such as electric stoves.
