Duke Energy Corp. (DUK) Friday announced a settlement agreement in South Carolina, for its rate review request filed in January of this year. The settlement with certain consumer, environmental and industrial groups will result in a reduction of rates by around $84 million, through July 31, 2026.
If the agreement is approved by the Public Service Commission of South Carolina or PSCSC, the total increase will be approximately $240 million, which is about 26% less than the $323 million requested to recover.
Duke Energy has nearly 660,000 customers primarily in the Upstate region of South Carolina.
The company said if approved by the PSCSC, a typical residential customer using 1,000 kilowatt hours will see an increase of $12.53 per month beginning Aug. 1, 2024. Beginning Aug. 1, 2026, residential rates would increase an additional $6.42 per month.
According to the company, the agreement was reached with the South Carolina Office of Regulatory Staff, the South Carolina Energy Users Committee, Southern Alliance for Clean Energy, Coastal Conservation League, Vote Solar, and the South Carolina Small Business Chamber of Commerce. Walmart and CMC Recycling do not object to approval of the agreement.
The PSCSC will conduct a hearing beginning May 20 to review the agreement.
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