Charlotte-based Duke Energy Progress has proposed to raise rates on consumers and businesses by 4.3% at the end of the year.
The company, a subsidiary of Duke Energy, received an 8.4% increase last year. The new rate hike would go into effect on Dec. 1, 2023.
The increase seeks to recover costs for the fuel used to generate electricity. If approved by the North Carolina Utilities Commission, the total monthly impact of these changes for a residential customer using 1,000 kilowatt-hours of electricity would be an increase of $5.98, from $138.13 to $144.11.
“While we continue to see increasing energy demand as a result of a growing economy, fuel prices have begun to stabilize, which is a positive sign for our customers,” says Kendal Bowman, Duke Energy’s North Carolina president, in a press release.
Last June’s Duke Energy Progress increase for typical bills was 8.4% for residential customers, 4.6% for commercial customers and 5.6% for industrial customers, stemming from a post-COVID burst in economic activity.
In October 2022, Duke Progress filed for a 16%, multi-year increase.
Duke Energy Progress serves about 1.7 million customers in central and eastern North Carolina and in the Asheville region.
The company’s other North Carolina utility, Duke Energy Carolinas, made its annual fuel filing in March. Pending approval by regulators, a settlement in that filing would reduce its increase to 13.3%.
Duke Energy’s stock was up 50 cents to $91.26 in Wednesday afternoon trading.