Duke Energy Requests Rate Hikes For Residential Customers

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

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 smaller rate hike effective January 1, 2028. As usual, the rate hikes requested are higher for residential customers than for businesses.

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. 

Rate Hikes for Us, Profit for Duke

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 the rate hikes – $727 million generated in 2027 and $275 million in 2028  – a 15% increase over current revenue. 

Duke’s request anticipates a schedule of public hearings in spring 2026, an evidentiary hearing in the summer, and a decision by the NCUC late in the year.

What Can You Do?

If you are as sick and tired of Duke Energy’s greed as we are, share this article with your friends! The more people who know, the better. We and our partners are preparing to organize and turn out at the upcoming rate hike hearings to oppose Duke’s unchecked greed. If this is something you are interested in, make sure to subscribe to our email list. We will be sure to reach out as soon as NCUC releases when the rate hearings will be.