Duke Energy has submitted a request to the North Carolina Utilities Commission (NCUC) seeking approval for revised rates at its two state utilities, Duke Energy Carolinas and Duke Energy Progress. The company is proposing targeted investments aimed at strengthening the electric grid, upgrading power plants, and supporting the state’s economic growth.
According to Duke Energy’s filing, the company is requesting an annual revenue increase of $1 billion for Duke Energy Carolinas—$727 million in 2027 and $275 million in 2028—which represents a 15% rise over current revenues. For Duke Energy Progress, the requested increase is $729 million—$528 million in 2027 and $200 million in 2028—a 15.1% jump from present levels. These requests are based on a return on equity of 10.95% and a capital structure with 53% equity, pending NCUC approval.
If approved, residential customers using 1,000 kilowatt-hours per month would see their monthly bills rise by $17.22 for Duke Energy Carolinas starting January 1, 2027 (from $144.98 to $162.20), followed by another increase of $6.34 on January 1, 2028. Commercial customers would face average increases of 8.7% and then 3.9%, while industrial customers would see about a 6.3% increase followed by another of around 3.4%.
For Duke Energy Progress residential customers using the same amount of electricity, bills would go up by $23.11 starting January 1, 2027 (from $163.84 to $186.95), with an additional increase of $6.59 in early 2028; commercial customers’ rates would rise by an average of 9.2% and then by another average of 4.6%, while industrial customers could expect increases averaging about 7.4% followed by another average hike of around 4.3%.
“Our goal is to deliver reliable power at the lowest possible cost for customers,” said Kendal Bowman, president for North Carolina at Duke Energy.“It’s important to strike the right balance of prioritizing investments that enhance the energy grid for current and future needs while also maximizing cost-saving measures for our customers.”
The company highlighted several cost-saving efforts since its last base rate case: storm bonds issued after Hurricane Helene have saved North Carolina customers $422 million; highly efficient nuclear units are expected to generate hundreds of millions in tax credits through to at least 2032; recent reductions in fuel prices were passed along as lower rates last winter; and combining both utilities could save more than $1 billion in future costs.
Duke Energy has expanded self-healing technology across its network since 2022 so that it now serves three-quarters of North Carolina customers—helping avoid more than one million outages and saving nearly three million hours in outage time during just the first ten months of this year alone.
Other reliability investments include trimming tens of thousands miles worth of vegetation near lines, replacing over one hundred thousand distribution poles, and upgrading thousands more transmission poles from wood to steel or concrete—a move credited with faster power restoration after Hurricane Helene.
The utility says it serves about 3.6 million retail accounts statewide and added roughly 150,000 new customer connections over two years amid rapid population growth driven largely by new manufacturing projects bringing jobs and investment into North Carolina.
To meet growing demand efficiently, Duke Energy plans further upgrades: adding nearly 300 megawatts of clean capacity via nuclear uprates by 2031; investing $1.7 billion in battery storage between 2027–28; allocating almost $400 million to solar projects including paired storage installations totaling more than 276 MW.
Bowman noted efforts underway to help consumers manage rising costs: “Customers count on us to manage our costs on their behalf, but they also want options to manage their own bills now,” she said.“That’s why we’re helping customers lower their energy use – and lower their bills – through programs that make a measurable difference.”
These initiatives include weatherization assistance for income-qualified households; free home energy assessments through Neighborhood Energy Saver or Home Energy House Call programs; rebates via Smart Saver upgrades; bill credits under Power Manager for shifting appliance use away from peak periods; financial incentives through PowerPair for installing solar or battery systems; among others.
Last year these programs delivered notable savings—for example: Home Energy House Call averaged annual savings per home at nearly fifty dollars ($46), Smart Saver rebates exceeded one hundred twenty-five dollars ($125) per home annually while weatherization saved participating homes over one hundred fifty dollars ($150) each year.
Duke Energy states that its energy efficiency programs provide annual savings well above national averages across both Carolinas.
Both subsidiaries last initiated base rate reviews within the past three years—Duke Energy Carolinas in January 2023 and Duke Energy Progress in September 2022—and if regulators approve combining them next year this will be their final separate review process.
Public hearings are expected next spring before evidentiary proceedings next summer ahead of a final decision late in 2026.
More information about these proposals can be found at duke-energy.com/NorthCarolinaRates.
