Summary
Duke Energy Carolinas, LLC (DEC), a subsidiary of Duke Energy Corporation, has filed a significant rate case with the North Carolina Utilities Commission (NCUC) seeking an increase in base rate retail revenues. The filing proposes a Multi-Year Rate Plan (MYRP) spanning three years, with requested revenue increases of approximately $501 million (9.5%) in year one, $172 million (3.3%) in year two, and $150 million (2.9%) in year three. This cumulative request amounts to a 15.7% increase by early 2026. The proposed rate of return includes a 7.53% overall rate of return, based on a 10.4% return on equity and a 53% equity component in its capital structure. While a procedural schedule is pending, DEC anticipates hearings to begin in August 2023. The company intends to implement temporary rates, subject to refund, by September 1, 2023, with permanent rates for the first year targeted for January 1, 2024.
Key Highlights
- 1Duke Energy Carolinas (DEC) filed a rate case with the NCUC requesting an increase in retail revenues.
- 2The request includes a Multi-Year Rate Plan (MYRP) proposing rates for three years.
- 3Year one revenue increase sought is approximately $501 million (9.5%).
- 4Subsequent increases of $172 million (3.3%) and $150 million (2.9%) are requested for years two and three, respectively.
- 5Total requested revenue increase by early 2026 is 15.7%.
- 6DEC is requesting an overall rate of return of 7.53%, including a 10.4% return on equity.
- 7Temporary rates, subject to refund, may be implemented in September 2023, with permanent rates effective by January 2024.