Duke Energy proposes new investments in North Carolina to boost reliability and support economic growth across the state

Rhea-AI Summary

Duke Energy (NYSE: DUK) filed Multiyear Rate Plan requests with the North Carolina Utilities Commission on Nov. 20, 2025, seeking a combined annual revenue increase of about $1.729 billion across Duke Energy Carolinas and Duke Energy Progress (15% and 15.1% increases, respectively) based on a 10.95% ROE and 53% equity ratio.

The filing would raise typical 1,000 kWh residential bills in 2027 by $17.22 (DEC) and $23.11 (DEP), add storage and solar investments ($1.7B in battery storage; ~$400M in solar), and invest in grid hardening and uprates (nearly 300 MW nuclear uprates). Final rates subject to NCUC order expected late 2026.

Positive

• Requested investments: $1.7B in battery storage
• Planned solar and paired storage investment: $400M
• Nearly 300 MW nuclear power uprates by 2031
• Self-healing tech now serves 75% of customers
• Combined utility proposal could save customers > $1B

Negative

• Requested annual revenue increase: $1.729B combined
• Typical 1,000 kWh residential bill increase in 2027: $17.22–$23.11
• DEC revenue request equals a 15% increase; DEP 15.1%
• Rate changes depend on NCUC approval expected in late 2026

Insights

Regulatory & Utility Economics Expert

Duke Energy seeks large North Carolina base-rate increases tied to grid upgrades; approval risk and customer bill impacts follow.

The filing requests annual revenue increases of $1 billion for Duke Energy Carolinas and $729 million for Duke Energy Progress, driven by investments to harden the grid, add generation and deploy storage. The company frames this as reducing outage risk, improving efficiency (including nearly 300 MW of nuclear uprates by 2031) and supporting rapid economic growth, while proposing a 10.95% return on equity and 53% equity ratio.

Approval depends on the North Carolina Utilities Commission process and stakeholder pushback; the requests would raise typical residential bills substantially if approved (examples: increases of $17.22 and $23.11 monthly for typical customers in 2027). Watch the NCUC schedule with public hearings in spring, evidentiary hearings next summer and a final order in late 2026; those milestones will determine whether the revenue and bill impacts materialize and whether proposed tax-credit allocations and claimed cost savings survive regulatory review.

• Targeted investments will harden the grid against storms and upgrade existing power plants to maximize efficiency, saving customers money
• New energy infrastructure will support rapid growth from increasing population, advanced manufacturing and data centers – with customer protections built in

CHARLOTTE, N.C., Nov. 20, 2025 /PRNewswire/ -- Duke Energy today filed requests with the North Carolina Utilities Commission (NCUC) for revised rates at Duke Energy Carolinas and Duke Energy Progress, its two utilities in the state.

By the numbers: The company's filing with the NCUC requests an annual revenue increase of $1 billion for Duke Energy Carolinas ($727 million in 2027, $275 million in 2028), which represents a 15% increase over current revenues, and $729 million for Duke Energy Progress ($528 million in 2027, $200 million 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.

• If approved, monthly electric bills for typical Duke Energy Carolinas residential customers using 1,000 kilowatt-hours per month would increase $17.22 a month – from $144.98 to $162.20 – starting Jan. 1, 2027, followed by a $6.34 increase on Jan. 1, 2028. Across 2027-2028, commercial customers would see an average increase of 8.7% and 3.9% while industrial customers would see an average increase of around 6.3% and 3.4%.
• If approved, monthly electric bills for typical Duke Energy Progress residential customers using 1,000 kilowatt-hours per month would increase $23.11 a month – from $163.84 to $186.95 – starting Jan. 1, 2027, followed by a $6.59 increase on Jan. 1, 2028. Across 2027-2028, commercial customers would see an average increase of 9.2% and 4.6% while industrial customers would see an average increase of around 7.4% and 4.3%.

Our view:

"Our goal is to deliver reliable power at the lowest possible cost for customers," said Kendal Bowman, Duke Energy's North Carolina president. "It's important to strike the right balance of prioritizing investments that enhance the energy grid for current and future needs while also maximizing cost-saving measures for our customers."

In addition to reducing operation and maintenance expenses since the last base rate case, other examples of cost-saving measures include:

• The storm bonds Duke Energy issued following Hurricane Helene and other major storms are saving North Carolina customers $422 million.
• Duke Energy's highly efficient nuclear units are expected to generate hundreds of millions of dollars of tax credits through 2032. Current rates return $150 million 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.
• Falling fuel price savings were passed along to customers last winter, reducing Duke Energy Carolinas rates by 6.2% and Duke Energy Progress rates by 4.5%.
• The proposed combination of Duke Energy Carolinas and Duke Energy Progress would save customers more than $1 billion in future costs.

Driving improved reliability: As part of its ongoing grid upgrades, Duke Energy has tripled the number of North Carolina customers served by self-healing technology since 2022, significantly reducing outages. Today, 75% of customers are served by this technology, and it's making a difference: 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.

Other investments over the last five years have been more traditional: 43,500 miles of vegetation trimmed, 116,430 distribution poles replaced and 13,403 wood transmission poles upgraded to steel or concrete. Notably, zero non-wood poles across the Carolinas required replacement after Hurricane Helene, significantly accelerating power restoration following the most destructive storm in state history.

Powering economic growth: Duke Energy serves 3.6 million retail customers across the state and added about 150,000 customers in North Carolina over the last two years – primarily residences and small businesses. Driven by the state's economic success, electricity demand is rising at an unprecedented pace; in 2025 alone, companies have announced new projects bringing more than 25,000 jobs and $19 billion in investments to North Carolina, most of which are for new manufacturing facilities.

The company is making cost-effective investments to reliably power this growth by:

• Maximizing the value of existing generation , making it more efficient and able to generate more electricity to meet near-term growth needs at the lowest possible cost. For example, Duke Energy is adding nearly 300 megawatts (MW) of clean capacity through power uprate projects at four nuclear stations by 2031 – part of a nuclear fleet that achieved the nation's lowest total operating cost per megawatt-hour in four of the past six years.
• Adding new generation , such as the clean, highly efficient natural gas facilities the NCUC approved last year in Person and Catawba counties. The 2027-2028 Multiyear Rate Plan component of the rate request calls for investing $1.7 billion in battery storage projects across the region, complemented by nearly $400 million in solar and solar paired with storage projects – 276 MW of solar and 31 MW of paired storage.

Helping customers manage costs: "Customers count on us to manage our costs on their behalf, but they also want options to manage their own bills now," Bowman said. "That's why we're helping customers lower their energy use – and lower their bills – through programs that make a measurable difference."

To help customers with rising costs, Duke Energy deploys a coordinated strategy that integrates energy efficiency programs, bill management tools, financial assistance and agency partnerships – details can be found at duke-energy.com/help for income-qualified programs and duke-energy.com/BillHelp for conventional programs. Options include:

• Weatherization : Helps income-qualified customers save energy and reduce expenses by installing energy conservation measures in their homes.
• Neighborhood Energy Saver : Offers free home energy assessments designed to help customers in income-qualifying neighborhoods learn how their homes use energy and how to lower electric bills. Qualified customers can receive up to 17 free products, even an HVAC unit, installed at no cost.
• High Energy Use Pilot : Provides income-qualified customers free assistance for energy improvements – including heating and cooling system replacements, duct sealing, lighting and heat pump water heaters.
• Home Energy House Call : Offers all customers a free home energy assessment and personalized recommendations on how to improve energy efficiency.
• Smart $aver : Offers home improvement rebates for energy efficiency upgrades such as heating and cooling systems, water heaters, insulation and sealing ductwork, and pool pumps.
• Power Manager : Rewards customers with bill credits for shifting energy use away from peak periods for qualified home appliances (e.g., smart thermostat, HVAC/water heater).
• PowerPair : Provides financial incentives for customers who install solar and/or battery systems to help manage system load.

For North Carolina residential customers, last year, these programs delivered the following average annual bill savings:

• Home Energy House Call: $46.68 per home
• Smart $aver: $125.22 per home
• Weatherization: $150.34 per home

Across the Carolinas, the company's aggressive energy efficiency programs deliver annual savings 150% better than the national average. And improving efficiency benefits all customers by reducing costs for the entire system.

Duke Energy Carolinas serves about 2 million households and businesses in Central and Western North Carolina, including Charlotte, Durham and the Triad, while Duke Energy Progress serves about 1.6 million customers in Central and Eastern North Carolina and in the Asheville region.

The two utilities last initiated base rate reviews in North Carolina in January 2023 and September 2022, respectively. If Duke Energy's request to combine the entities is approved by state and federal regulators next year, this would be the final base rate review conducted as separate utilities.

What's next: The NCUC is expected to issue an order calling for public hearings across the state in the spring followed by an evidentiary hearing next summer, then issue a final order on new rates in late 2026. Details on Duke Energy's proposal, the rate review process and the variety of assistance programs and billing options offered by the company can be found at duke-energy.com/NorthCarolinaRates.

Duke Energy Carolinas 

Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,800 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.  

Duke Energy Progress 

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.8 million residential, commercial and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina. 

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Bill Norton
24-hour media line: 800.559.3853

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SOURCE Duke Energy

FAQ

What rate increases did Duke Energy (DUK) request in North Carolina on Nov. 20, 2025?

Duke Energy requested a combined annual revenue increase of about $1.729 billion (DEC $1.0B; DEP $729M), based on a 10.95% ROE and 53% equity structure.

How much would a typical Duke Energy (DUK) 1,000 kWh residential bill rise in 2027 in North Carolina?

If approved, typical 1,000 kWh residential bills would rise in 2027 by $17.22 for Duke Energy Carolinas and $23.11 for Duke Energy Progress.

What grid and generation investments did Duke Energy (DUK) propose for North Carolina?

The filing calls for $1.7B in battery storage, roughly $400M in solar/paired storage, and nearly 300 MW of nuclear uprates through 2031, plus grid hardening.

When will the North Carolina Utilities Commission decide on Duke Energy (DUK) new rates?

The NCUC is expected to hold public hearings in spring 2026, evidentiary hearings next summer, and issue a final order on rates in late 2026.

How many North Carolina customers does Duke Energy (DUK) serve and how has demand changed?

Duke Energy serves about 3.6 million retail customers in North Carolina and added roughly 150,000 customers over the past two years amid rising electricity demand.

Will Duke Energy (DUK) provide customer assistance for rising bills in North Carolina?

Yes; the company offers efficiency, bill management, weatherization, Neighborhood Energy Saver, and income-qualified pilots with listed average annual savings per program.