- Request reflects steps to keep pace with changes and better
serve customers in the Palmetto State
- Proposal is the company's first requested increase in retail
base rates since 2018
GREENVILLE, S.C., Jan. 4, 2024
/PRNewswire/ -- Duke Energy Carolinas today asked South Carolina regulators to review its
current rates – the first such review since 2018 – as the company
continues working to increase system diversity and reliability,
enhance the customer experience and meet future energy demands for
more than 658,000 customers primarily in the Upstate region of
South Carolina.
"We realize many of our customers are facing challenging times
and we are committed to working to keep customer bills as low as
possible," said Mike Callahan, Duke
Energy's South Carolina
president.
"We also know that our customers expect us to responsibly invest
for the future to increase the reliability and resiliency of our
system, help reduce outages, protect against damage from extreme
weather and provide them with the level of service they expect.
These investments are the main reason for the proposed rate
increase," Callahan said.
To mitigate the requested rate increase filed with the Public
Service Commission of South
Carolina (PSCSC), the company proposes to accelerate the
return of excess deferred income tax benefits resulting from the
Federal Tax Cuts and Jobs Act of 2017 ("Tax Act"). This proposal
more quickly returns the outstanding tax benefits due to customers,
making the requested increase in annual retail revenues about
11.4%, or a $239 million increase,
over the first two years that the new rates would be effective.
An additional overall increase of about 4.1% would occur after
the first two years once the reduction for excess deferred income
taxes expires. If the proposal to mitigate the requested increase
is not approved, it would result in a requested annual revenue
increase of $323 million, or overall
increase of about 15.5%, starting in year one of newly effective
rates.
If approved by the PSCSC, a typical residential customer using
1,000 kilowatt hours will see an increase of about 14.6% or
$17.83 per month beginning
Aug. 1, 2024. Beginning Aug. 1, 2026, residential rates would increase
another 4.8%, resulting in an additional $10.25 per month.
Duke Energy has numerous current and proposed energy efficiency
programs available to customers who would like to exercise more
control over their usage to lower their bills, which could help
minimize the impact of the requested increase. Customers struggling
to pay their energy bills might also qualify for assistance from
various government and nonprofit programs for utility bills and
other household expenses. Duke Energy also offers programs and
resources to help customers manage their usage to lessen the impact
of rate changes, as well as flexible payment arrangements to help
customers experiencing uncertainty. Additional customer support is
available through the Share the Light Fund, a Duke Energy
program that provides energy assistance.
To learn more about these programs, details of the company's
proposal and the rate review process, visit
duke-energy.com/SCCarolinasRates.
Duke Energy Carolinas
Duke Energy Carolinas owns 19,500 megawatts of energy capacity,
supplying electricity to 2.8 million residential, commercial and
industrial customers across a 24,000-square-mile service area in
North Carolina and South Carolina.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., is one of
America's largest energy holding companies. Its electric utilities
serve 8.2 million customers in North
Carolina, South Carolina,
Florida, Indiana, Ohio
and Kentucky, and collectively own
50,000 megawatts of energy capacity. Its natural gas unit serves
1.6 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky. The company employs 27,600
people.
Duke Energy was named to Fortune's 2023 "World's Most Admired
Companies" list and Forbes' "World's Best Employers" list. More
information is available at duke-energy.com. The Duke
Energy News Center contains news releases, fact sheets, photos
and videos. Duke Energy's illumination features stories
about people, innovations, community topics and environmental
issues. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook.
Contact: Ryan Mosier
24-Hour: 800.559.3853
View original content to download
multimedia:https://www.prnewswire.com/news-releases/duke-energy-carolinas-requests-rate-review-by-public-service-commission-of-south-carolina-302026585.html
SOURCE Duke Energy Carolinas