Duke Energy Progress Cuts Proposed Rate Hike Following Stakeholder Deal

The deal, filed August 5, 2026, requires approval from the North Carolina Utilities Commission to take effect on January 1, 2027. If sanctioned, the plan will result in an average annual rate increase of 3.4% over two years. This represents a significant pivot from the company's original request filed last November, reflecting a broader effort to mitigate costs for roughly 1.6 million customers across central and eastern North Carolina.

To bridge the gap between necessary grid modernization and affordability, Duke Energy will provide an additional $10 million in financial support for low-income bill assistance and weatherization. The settlement also mandates an accelerated $120 million refund of federal tax credits linked to nuclear, solar, and hydro generation. Furthermore, the company introduced a new multiyear rate plan rider designed to return money to ratepayers—with interest—should planned infrastructure upgrades face delays. Along with the North Carolina Public Staff, the agreement includes support from Walmart and the North Carolina Sustainable Energy Association, among other industrial and utility advocacy groups.