Duke Energy Progress proposes lower monthly bills for North

|Jun 10|magazine11 min read

CHARLOTTE, N.C., June 10, 2020 /PRNewswire/ -- Duke Energy Progress customers in North Carolina would see more than $3 in savings on their monthly energy bills this winter due to the combined impact of several proposed annual rate adjustments.

Under the proposals, typical residential customers using 1,000 kilowatt-hours (kWh) per month would see their bills decrease from the current $118.20 to $114.64 – a decrease of $3.56, or 3%.

Commercial customers would see an average decrease in their bills of about 4%, and industrial customers would receive an average decrease of about 2.3%.

The proposed reductions are contained in annual filings that Duke Energy Progress made yesterday with the North Carolina Utilities Commission (NCUC) for costs associated with fuel used to generate electricity, compliance with the state's renewable energy portfolio standard (REPS) and the competitive procurement of renewable energy (CPRE) program, cost recovery under the Joint Agency Asset Rider (JAAR), and implementation of energy efficiency (EE) and demand-side management programs (DSM).

Duke Energy Progress works to actively manage its fuel contracts to keep fuel costs as low as possible for customers. Savings achieved from the joint dispatch of Duke Energy's generation fleet in the Carolinas also help to minimize the company's fuel costs.

The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true-up of the prior year's projection. By law, the company makes no profit from the fuel component of rates.

If approved by the NCUC, the new fuel, REPS, CPRE and JAAR rates would go into effect Dec. 1, 2020, and the new EE and DSM rates would go into effect Jan. 1, 2021.

Duke Energy Progress serves about 1.4 million customers in central and eastern North Carolina and in the Asheville region.

More Help for Customers

In March, Duke Energy announced it will not disconnect any customer's service for nonpayment, in order to give customers experiencing financial hardship extra time to make payments. The company will continue to read meters and send bills.

The company is also waiving late payment fees and fees for returned payments for its millions of electric and natural gas customers across its service territories until the national state of emergency is lifted. For residential customers, the company is also waiving fees for credit and debit card payments.

Customers are encouraged to pay what they can to avoid building up a large balance that will be harder to pay off later. Customers can call Duke Energy to discuss their account or available options.

Customers can also seek assistance through Energy Neighbor Fund.

For information on what Duke Energy is doing to assist customers and respond to the COVID-19 pandemic, visit dukeenergyupdates.com.

Duke Energy Progress

Duke Energy Progress, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides about 12,700 megawatts of owned electric capacity to approximately 1.6 million customers in a 32,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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SOURCE Duke Energy