Edward Smith, edward.smith@sierraclub.org
RALEIGH, N.C. – Attorney General Jeff Jackson announced yesterday that Duke Energy lowered its proposed rate increase from 18 percent to 11.6 percent, demonstrating that the monopoly utility – which raked in nearly $5 billion in profits last year – will respond to robust public pressure and rein in its efforts to make even more money at the expense of captive ratepayers.
The outcome of the rate increase will be determined by the North Carolina Utility Commission (NCUC), which regulates monopoly utilities like Duke Energy. The NCUC previously held technical sessions on large load tariffs that a Sierra Club expert participated in, but no action was taken, although Commissioners could revisit this opportunity in the future.
The Sierra Club regularly highlights how Duke Energy and its CEO, Harry Sideris, led efforts to undermine public health safeguards as soon as Trump was elected in 2024 so it could burn coal longer while slashing renewable energy investments that would provide affordable, long-term energy for North Carolina businesses and families. Additionally, Duke’s forward-looking energy plans rely heavily on increasingly expensive gas power plants to power data centers, costs that will be passed along to every customer because the state lacks consumer protections like large load tariffs.
Statement from Olive Burress, North Carolina Sierra Club Campaign Organizer:
“North Carolina families and businesses are fed up with the Duke’s endless greed, and we’re thankful that AG Jackson recognizes this is unsustainable for our state’s environment and economy. We need more civic and political leaders to stand up to Duke and defend communities throughout the state who are struggling to pay their bills because a wealthy monopoly utility wants to increase its already substantial shareholder profits on the backs of captive ratepayers.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.