FX.co ★ Duke Energy Agrees To Settle Rate Review Request In South Carolina

Duke Energy Corp. (DUK) has announced a settlement agreement in South Carolina regarding its rate review request filed in January this year. The settlement, reached with various consumer, environmental, and industrial groups, will lead to a rate reduction of approximately $84 million through July 31, 2026.

If approved by the Public Service Commission of South Carolina (PSCSC), the total rate increase will be about $240 million, representing a reduction of roughly 26% from the initially requested $323 million.

Duke Energy serves nearly 660,000 customers primarily in the Upstate region of South Carolina.

The company stated that, if the PSCSC approves the agreement, a typical residential customer using 1,000 kilowatt hours will see a monthly increase of $12.53 beginning August 1, 2024. Furthermore, beginning August 1, 2026, residential rates will increase by an additional $6.42 per month.

The agreement involves 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. Notably, Walmart and CMC Recycling have not objected to the agreement's approval.

The PSCSC will hold a hearing starting May 20 to review the agreement.