StockNews.AI
DUK
StockNews.AI
68 days

Duke Energy Progress proposes new rates to support ongoing efforts to build a smarter energy future for South Carolina customers

1. Duke Energy seeks a rate review to increase revenue by $74.8 million. 2. Proposed rate hike could raise residential bills by $21.66 starting Feb 2026. 3. Investments have improved grid reliability and reduced outage times significantly. 4. Proposal reflects Duke's commitment to operational excellence and customer satisfaction. 5. Continued focus on enhancing energy services and storm readiness for customers.

7m saved
Insight
Article

FAQ

Why Bullish?

The proposed rate increase reflects strong demand and investment in reliability, boosting revenue potential, similar to past successful rate adjustments in the sector.

How important is it?

The rate increase proposal signifies financial health and growth potential for DUK, critical for investor sentiment and future earnings forecasts.

Why Long Term?

Positive impacts from improved reliability and customer satisfaction will likely enhance DUK's market position long-term, akin to previous periods of rate adjustments leading to sustained financial growth.

Related Companies

SOEXCED
Recent investments have strengthened the grid and reduced outages for customers Company last requested a regulatory review of rates in 2022 , /PRNewswire/ -- Duke Energy Progress today asked South Carolina regulators to perform a public review of the company's current rates. This is the company's first request to review rates since 2022. It comes as the company continues working to increase system diversity and reliability, enhance the customer experience and meet future energy demands. Duke Energy Progress serves about 177,000 customers primarily in central and northeastern South Carolina. By the numbers: The company's application in front of the Public Service Commission of South Carolina (PSCSC) requests an overall revenue increase of $74.8 million, which represents a 12.1% increase over current revenues. If approved, monthly electric bills for typical residential customers using 1,000 kilowatt-hours per month would increase $21.66 a month – from $144.85 per month to $166.51 – effective Feb. 1, 2026. Commercial customers will see an average increase of 12.8% and industrial customers will see an average increase of around 3.6%. The amount of increase per customer class can vary based upon how much more additional revenue is needed to ensure that the class is covering the cost to serve them. Why it matters: Duke Energy is committed to meeting customers' increasingly higher expectations around reliability, responsiveness, affordability and value. This proposal reflects the investments we have made to strengthen the grid, improve storm readiness, maintain and enhance our generating fleet and serve a growing customer base. It also reflects how the company is doing that work: with discipline, with a focus on operational excellence, and with a thoughtful approach to how and when we seek rate adjustments. Investments in action: The company's grid investments have positioned it well for storm response. For example, as Hurricane Helene made its way across the Carolinas, grid improvements were already helping to combat power outages from the storm. Smart, self-healing technology installed across the Duke Energy Progress service territory helped to automatically restore more than 10,000 customer outages and saved more than 28,000 hours of total outage time, showing the value of the self-healing programs.  Our view: "We know families and businesses are juggling a lot and we do not take a request to increase rates lightly but being upfront and timely with our request is the right thing to do and in the best interest of our customers." – Tim Pearson, Duke Energy's South Carolina president More info: Details on the company's proposal, the rate review process and the variety of assistance programs and billing options offered by the company can be found here. Duke Energy ProgressDuke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.8 million residential, commercial and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina. Duke EnergyDuke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. Contact: Ryan Mosier 24-Hour: 800.559.3853 SOURCE Duke Energy WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News