Electric power rate increases

The South Carolina Public Service Commission has approved higher Duke Energy customer charges based on a settlement agreement of Duke’s Carolinas rate review application filed with the state in January.  The higher charges come after a process that included public hearings.  The agreement involves consumer, environmental and industry groups.  Starting August 1 of this year a typical residential customer using 1,000 kilowatt hours will see an increase of about 8.7%, or $12.06 a month.  Beginning August 1, 2026 residential rates will increase another 4.3% — translating to an additional $6.42 a month on a typical residential customer using 1,000 kilowatt hours.  Beginning August 1 this year, commercial and industrial customers will see an average increase of around 4.5%.  The settlement agreement allows Duke to recover new investments in natural gas, nuclear, solar and hydroelectric units, along with investments in the grid and its new corporate headquarters.