Duke Energy Carolinas (NYSE:DUK) customers in North Carolina will see their electric rates fall starting Jan. 1 as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants, along with other rider adjustments.
A typical residential customer in North Carolina using 1,000 kilowatt-hours (kWh) per month will see an overall decrease of $8.96, or about 6.2%, from current rates, falling from $144.31 to $135.35. That is 22% below the national average of $174.21 – a difference of approximately $466 per year.
Commercial customers will benefit from an average decrease in their bills of about 11.5%, and industrial customers will see an average decrease of less than 1%.
Duke Energy Carolinas serves about 2.2 million households and businesses in central and western North Carolina, including Charlotte, Durham and the Triad.
Elsewhere in the state, Duke Energy Progress customers are already benefiting from a 4.5% decrease that went into effect on Dec. 1.
To ensure accurate rates, the North Carolina Utilities Commission (NCUC) annually reviews the fuel costs needed to generate electricity for customers, along with rider updates for state programs to encourage clean energy adoption and reduce energy use. The commission approved the following adjustments:
• A decrease of 8.8% to adjust for falling fuel prices.
• A decrease of 0.6% resulting from nuclear production tax credits from the Inflation Reduction Act (IRA); more than half of Duke Energy’s power in the Carolinas comes from carbon-free nuclear.
DUK shares gained 35 cents to $108.06.
