Duke Energy responds to constructive North Carolina Utilities Commission decision on Duke Energy Progress' Performance-Based Regulation Application

Rhea-AI Summary

Duke Energy responds to constructive NCUC decision on Performance-Based Regulation application

Positive

• NCUC approves capital investments for reliability and resilience
• Implementation of Performance-Based Regulations authorized
• Settlements reached in proceeding are approved
• Approves Performance Incentive Mechanisms and innovative rate designs
• Duke Energy executing clean energy transition

Negative

• None.

CHARLOTTE, N.C., Aug. 18, 2023 /PRNewswire/ -- Duke Energy issued the following statement in response to today's order by the North Carolina Utilities Commission (NCUC) on the Performance-Based Regulation application submitted by Duke Energy Progress on Oct. 6, 2022.

Duke Energy statement

"We believe this is a constructive outcome that enables Duke Energy to maintain strong progress toward building a cleaner, more reliable energy future for our North Carolina customers."

"We are currently evaluating the NCUC order on Duke Energy Progress' rate request and will determine the exact impacts on customer rates in the coming weeks. Our investments over the past several years – and those included in the multi-year rate plan in the coming years – strengthen the electricity grid to improve reliability for customers and facilitate a cleaner, more secure energy future in a manner that supports economic development across the state."

The full NCUC order can be found here. The order:

• Approves a range of capital investments designed to ensure reliability and resilience of the system and pave the way to a cleaner energy future.
  
  
• Approves the implementation of Performance-Based Regulations, which are modernized regulatory tools authorized by recently enacted law. These tools are essential in achieving the state's overall energy policy objectives.
  
  
• Approves nearly all of the settlements reached in the proceeding, which were supported by various parties and narrowed the range of contested issues.
  
  
• Approves a set of first-of-its-kind Performance Incentive Mechanisms that hold the utility accountable for certain outcomes that benefit customers and/or achieve North Carolina policy goals.
  
  
• Approves a range of innovative rate designs and structures developed through collaboration with numerous stakeholders, including programs to assist low-income customers and spur economic development.

Duke Energy Progress

Duke Energy Progress, a subsidiary of Duke Energy, owns 12,500 megawatts of energy capacity, supplying electricity to 1.7 million residential, commercial and industrial customers across a 29,000-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 is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear. 

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: Bill Norton
24-hour media line: 800.559.3853 

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SOURCE Duke Energy