4 things to know about Duke Energy's requested rate increase, plan for money
Duke Energy wants to raise electricity rates for customers starting in 2027 and invest $8.3 billion in the company's infrastructure.
In November 2025, Duke Energy submitted a request to the N.C. Utilities Commission seeking permission to increase its electricity rates over the next two years.
According to the proposal, overall rates would go up 10.9% on Jan. 1, 2027, and another 4.1% on Jan. 1, 2028. Residential customers would see an increase of 13.5% in 2027 and 4.5% in 2028. Industrial customers would see increases of 9.0% in 2027 and 3.7% in 2028.
The rates are for Duke Energy Carolinas customers, which covers areas of central and western North Carolina. If approved, Duke Energy Progress customers in eastern North Carolina would have a different increase.
The last time Duke Energy requested a rate increase was in January 2023, according to Duke Energy's website.
Here are four things to know about the proposed rate hike.
Duke Energy Carolinas wants to raise rates. Governor, attorney general say it shouldn't
Increase can't happen without commission approval
Duke Energy cannot implement the rate increase unless it is approved by the N.C. Utilities Commission.
The N.C. Utilities Commission regulates the rates and services of investor-owned public utilities in the state. This includes companies that provide electricity, telephone services, natural gas, water, wastewater, household goods movers, buses, brokers and ferryboats, according to the commission's website.
The N.C. Utilities Commission is in the process of reviewing Duke Energy's price increase request. As part of the request, the commission held a public hearing in Morganton at the Burke County Courthouse, where customers shared thoughts on Duke Energy's request. This was one of four scheduled hearings.
N.C. Utilities Commission Public Staff Attorney Jennifer Harrod said during the Morganton public hearing that her team is investigating the request. The review process is conducted similarly to a court case. Harrod and her team are scheduled to present their findings to the commission on May 29.
The order for the public hearings said that, if approved, the request would increase Duke Energy Carolinas retail revenues by about $597.5 million.
You still have a chance to speak
There are two more public hearings scheduled in North Carolina. Both hearings will begin at 7 p.m.
On May 6, the commission will hold a public hearing in the Forsyth County Courthouse located at 175 N. Chestnut St. in Winston-Salem.
On May 12, the commission will hold a public hearing in the Durham County Courthouse located at 501 S. Dillard St. in Durham.
Settlement moves Duke Energy closer to merger in Carolinas
Rate increase part of merger plan
The rate increase request is part of a bigger plan to merge Duke Energy Carolinas and Duke Energy Progress.
In August 2025, Duke Energy submitted its request to the N.C. Utilities Commission to merge Duke Energy Carolinas and Duke Energy Progress into one unit. The two have operated separately since Duke Energy took over Progress Energy in 2012, according to Duke Energy's website.
If approved, the merger is planned for January 2027.
"Approvals are required from the North Carolina Utilities Commission, the Public Service Commission of South Carolina and the Federal Energy Regulatory Commission, which will continue to oversee and regulate the combined utility," Duke Energy's website said.
Duke Energy said the merger would improve service efficiency and save customers money. Duke Energy estimates the merger would save customers more than $1 billion through 2038.
Investing in infrastructure
Duke says the rate increase would pay to strengthen energy infrastructure.
During the last five years, Duke Energy has worked on its infrastructure to provide power throughout North Carolina, according to the company.
Duke Energy has replaced or added more than 8.2 million feet of underground cable, more than 15 million feet of overhead wire and more than 100,000 distribution poles, according to the company website.
The rate increase is part of a multiyear investment plan. The proposed investments total to $8.3 billion. The largest portions of the investment plan are going toward distribution, transmission and energy storage, according to the website.
There is $3.2 billion planned to go toward distribution, $1.3 billion for transmission and $1.7 billion for energy storage. The other investment areas are grid planning and integration, solar, nuclear, natural gas, coal and hydroelectric, according to Duke Energy.
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