Duke Energy said the company will request an almost 8% electric rate increase.
The application, submitted to the Public Service Commission of South Carolina, would boost Duke Energy Carolina’s annual revenue by around $150.5 million, the company said in a July 1 release.
Duke Energy’s current rate is $136.82 per month. The 7.7% rate hike would increase the charge by $10.38, resulting in a new rate of $147.19 a month.
If Duke’s request is approved, the company said commercial consumers would also see an increase in rates of 5.4% per month, and industrial members' monthly rates would increase by 5.2%.
Duke Energy said this request is necessary to continue strengthening the grid, improving storm preparedness and serving its growing customer base.
“We know families and businesses are juggling a lot and we do not take a request to increase rates lightly but being upfront and timely with our request is the right thing to do and in the best interest of our customers,” Tim Pearson, Duke Energy South Carolina's president, said in a statement.
Duke Energy Carolinas is a subsidiary of Duke Energy, serving around 680,000 customers in the Upstate and those along the Interstate 77 corridor south of Charlotte.
If approved, the new rates would go into effect on March 1, 2026.
