Duke Energy Progress Seeks 12.1% Rate Increase for Enhanced Reliability and Future Demands
- Duke Energy Progress seeks a $74.8 million rate increase, marking its first request since 2022.
- The increase aims to enhance system reliability and improve customer experience amid rising energy demands.
- Duke Energy Progress emphasizes balancing operational needs with affordability for families and businesses during the rate review.
Duke Energy Progress Pursues Rate Increase Amid Focus on Reliability and Future Energy Demands
Duke Energy Progress, a utility provider for approximately 177,000 customers in central and northeastern South Carolina, has initiated a regulatory review process with the Public Service Commission of South Carolina (PSCSC) to request a significant rate increase. This marks the company’s first review request since 2022. The proposed increase is aimed at generating an additional $74.8 million, which represents a 12.1% rise in current revenues. Should this proposal be approved, typical residential customers using 1,000 kilowatt-hours of electricity per month will see their bills increase by $21.66, bringing the total to $166.51. Commercial and industrial customers are also expected to experience higher rates, reflecting the company’s need to cover rising operational costs.
The impetus behind this rate adjustment request is Duke Energy Progress's commitment to enhancing system reliability and improving customer experience as energy demands evolve. Recent investments in grid modernization have already proven their worth, particularly during Hurricane Helene, when smart, self-healing technology enabled the utility to automatically restore over 10,000 outages and save more than 28,000 hours of total outage time. This proactive approach underscores the company’s efforts to maintain service quality in the face of growing energy needs and climate-related challenges, ensuring that both residential and commercial customers receive reliable power.
Tim Pearson, Duke Energy South Carolina president, emphasizes that the company does not take the proposed rate increase lightly, recognizing the financial challenges facing families and businesses. The utility seeks to balance its operational requirements with customer affordability, firmly believing that the proposed adjustments are necessary for sustainable service improvements. Customers are encouraged to visit the Duke Energy Progress website for more details about the rate proposal, the review process, and available assistance programs.
In the context of the broader energy landscape, utilities like Duke Energy Progress face increasing pressure to modernize infrastructure while managing costs. The company’s commitment to reliability and customer service positions it favorably in a competitive market where technological advancements and regulatory demands continue to shape operational strategies. As Duke Energy Progress navigates these challenges, its focus on transparent communication with stakeholders serves as a critical component of its ongoing operational excellence.
