As family budgets tighten, Duke Energy is asking state regulators for a massive rate hike to boost its already record-breaking profits.

THE ASK

Last month, Duke Energy filed a request with the North Carolina Utilities Commission to collect an additional $1.7 billion from customers over two years.

• That’s a 15% increase for customers of Duke Energy Carolinas.

• That’s a 15.1% increase for customers of Duke Energy Progress.

WHAT THIS MEANS FOR YOUR BILL

If approved, the average residential bill would increase in two steps:

• For Duke Energy Carolinas customers: Up $17.22 in 2027, then another $6.34 in 2028 (a total increase of $23.56 per month).

• For Duke Energy Progress customers: Up $23.11 in 2027, then another $6.59 in 2028 (a total increase of $29.70 per month).

THE PROFIT ANGLE

Duke Energy made $4.4 billion in profits last year. Now, it is also asking regulators to allow it to charge customers more to guarantee even higher returns for its investors.

• The company wants to increase its guaranteed profit rate (called “Return on Equity,” or ROE) to nearly 11%.

• This rate is already above the national average. The proposed increase would send hundreds of millions more of your dollars to shareholders.

• One financial expert testified that Duke’s request is based on flawed reasoning and would result in customers overpaying for a very low-risk monopoly service.

• A recent report found that the stock market values these excess profits—paid by captive customers—at approximately $1 trillion nationwide.

THE HUMAN IMPACT

This rate hike proposal comes at a time when more North Carolina families than ever are struggling to afford their bills.

• Disconnections are soaring. The rate of shutoffs at Duke utilities has risen sharply over the past year.

• From 2019 to 2024, North Carolina had the second-highest number of utility disconnections of any state that reports this data—surpassed only by California.

• During that period, North Carolina utilities made a total of over 6.7 million disconnections. Duke Energy Carolinas alone made the most.

WHO IS FIGHTING THIS?

• Attorney General Jeff Jackson has announced that his office will intervene in the case to fight the hike.

• Governor Josh Stein opposes it, stating: “Duke Energy’s proposed rate hike is simply too high… At a time when families are struggling to make ends meet, we should be doing everything we can to make life more affordable, not less.”

• Many Environmental Groups!! Including Foothills Sierra Club

THE BOTTOM LINE

Duke Energy is a monopoly. Customers are its primary source of revenue, and the company is asking for a massive increase while hundreds of thousands of North Carolinians struggle to keep the lights on.

TAKE ACTION

Attend a Hearing  - and Speak 

2026 Public Hearing Schedule (NCUC):

• Virtual Hearing: April 7, 6:30 p.m. (Registration required by 5 p.m. March 31).
• Morganton: April 28, 7 p.m. at Burke County Courthouse.
• Charlotte: April 29, 7 p.m. at Mecklenburg County Courthouse.
• Winston-Salem: May 6, 7 p.m. at Forsyth County Courthouse.
• Durham: May 12, 7 p.m. at Durham County Courthouse.

Submit a letter to the Utilities Commission Here.  The subject line MUST contain E-7, SUB 1329

Spread the word!!

Duke Energy Plans a Massive New Gas Plant  - Could it be coming to DAVIDSON COUNTY?

Duke Energy is quietly planning to build a massive 1,360-megawatt natural gas power plant.  This would be one of the largest fossil fuel investments in the region, with huge consequences for our land, air, water, and wallets. Details are here.

A study dated December 2025 reveals the plan to build a CC4 (Combined Cycle 4) plant. Duke’s website mentions plans for another CC5 plant.  While no location has been revealed, Duke owns 1600 acres in Davidson County on the Yadkin River that would be a potential site.  The Utilities Commission would have to approve, but they showed us with recent pipeline approvals they aren’t shy about approving dangerous projects. 

A new group of concerned community members is forming to oppose Duke Energy’s reckless gas plant plans and protect Davidson County.  To get involved, sign up for Henry's Conservation Update for announcements or check back on this site soon!