Duke Energy Carolinas customers in North Carolina will see bills go down Sept. 1

Rhea-AI Summary

Duke Energy Carolinas customers in North Carolina will experience a decrease in electric rates starting Sept. 1, 2020. Residential rates will drop by 2.9%, commercial by 2.5%, and industrial by 2.1%. A typical residential bill, based on 1,000 kWh usage, will fall from $106.97 to $103.84, saving customers $3.13 monthly. This adjustment, approved by the North Carolina Utilities Commission, includes fuel cost adjustments and incorporates savings from the COVID-19 response. Duke Energy serves over 2 million customers across central and western North Carolina.

Positive

• Electric rates will decrease by 2.9% for residential customers, resulting in a $3.13 reduction in monthly bills.
• The adjustment reflects cost savings from fuel used for electricity generation and compliance with renewable energy standards.

Negative

• None.

RALEIGH, N.C., Aug. 28, 2020 /PRNewswire/ -- Duke Energy Carolinas customers in North Carolina will see a drop in their electric rates starting Sept. 1.

Overall, energy costs will decrease 2.9% for residential customers, 2.5% for commercial customers and 2.1% for industrial customers.

The total monthly impact for a typical residential customer using 1,000 kilowatt-hours (kWh) per month will be a decrease of $3.13 – from $106.97 to $103.84.

As part of its COVID-19 response, the company added fuel savings from the first quarter of 2020 to its February fuel filing to bring more savings to customers in 2020 – rather than including these savings in its 2021 filing.

The net decrease in rates, as approved by the North Carolina Utilities Commission, includes annual adjustments for costs related to fuel used to generate electricity at power plants, as well as compliance with the state's renewable energy portfolio standard and implementation of the competitive procurement of renewable energy statute.

The fuel rate is based on the projected cost of fuel used to generate electricity for customers, plus a true up of the prior year's projection.

While the company's actual costs are typically calculated through the previous December, the new rates include a true up through March to provide more immediate benefit to customers. By law, the company makes no profit from the fuel component of rates.

Duke Energy Carolinas serves 2 million households and businesses in central and western North Carolina, including Durham, the Triad and Charlotte.

More help for customers

Duke Energy continues to provide assistance to residential and business customers whose accounts have fallen behind due to illness or lost wages.

Support for these efforts includes: 

• Federally funded programs like the Low-Income Home Energy Assistance Program (LIHEAP). Additional funds were added to the program due to the pandemic, and the state is urging utility customers to apply through statewide community action agencies. Click here for details.
• The added convenience for customers to choose an extended payment arrangement that meets their needs online, anytime. Click here for more information. Customers participating in an extended payment arrangement will not be at risk of service disconnection.
• Duke Energy Progress customers who need additional assistance can visit the Energy Neighbor Fund webpage to learn how community agencies can help pay energy bills.
• Duke Energy Carolinas customers who need additional assistance can visit the Share the Warmth webpage to learn how community agencies can help pay energy bills.
• Resources are available here for small business customers as they are reopening, from financial assistance to billing and payment options to professional guidance to manage their energy usage. 
• To make it easier to pay, the company will continue waiving credit and debit card fees for residential customers until further notice. Walk-in payment fees for residential customers will resume in December.

Duke Energy Carolinas

Duke Energy Carolinas, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides approximately 20,200 megawatts of owned electric capacity to about 2.6 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Meredith Archie
24-Hour: 800.559.3853

View original content to download multimedia:http://www.prnewswire.com/news-releases/duke-energy-carolinas-customers-in-north-carolina-will-see-bills-go-down-sept-1-301120414.html

SOURCE Duke Energy

FAQ

What is the new electric rate for Duke Energy customers in North Carolina?

Starting Sept. 1, 2020, residential electric rates will decrease by 2.9%, commercial by 2.5%, and industrial by 2.1%.

How much will a typical residential customer save on their Duke Energy bill?

A typical residential customer using 1,000 kWh will save $3.13 per month, reducing their bill from $106.97 to $103.84.

Why are Duke Energy rates decreasing in North Carolina?

The rate decrease is due to fuel cost adjustments and savings incorporated from the COVID-19 response.

When will the new rates take effect for Duke Energy customers?

The new electric rates will take effect on Sept. 1, 2020.

How many customers does Duke Energy serve in North Carolina?

Duke Energy serves over 2 million customers in central and western North Carolina.