Duke Energy proposes revised rates and new investments in North Carolina

Duke Energy (DUK) filed requests with the North Carolina Utilities Commission, or NCUC, for revised rates at Duke Energy Carolinas and Duke Energy Progress, its two utilities in the state. The company’s filing with the NCUC requests an annual revenue increase of $1B for Duke Energy Carolinas – $727M in 2027, $275M in 2028 -, which represents a 15% increase over current revenues, and $729M for Duke Energy Progress – $528M in 2027, $200M in 2028 -, a 15.1% increase over current revenues. The company’s requests are based on a 10.95% return on equity and 53% equity capital structure and are subject to NCUC approval. Duke Energy’s nuclear units are expected to generate hundreds of millions of dollars of tax credits through 2032. Current rates return $150M in nuclear production tax credits to Duke Energy Carolinas customers in 2025-2026; the new rate request proposes extending nuclear production tax credits to Duke Energy Progress customers and adding solar and hydro tax credits for both utilities. The proposed combination of Duke Energy Carolinas and Duke Energy Progress would save customers more than $1B in future costs. In the first 10 months of 2025, self-healing technology helped avoid more than 1.1 million customer outages in North Carolina and saved nearly 2.6 million hours of total outage time.