Duke Energy Progress proposes annual update to charges related to fuel, renewable energy, energy efficiency programs

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CHARLOTTE, N.C. – Duke Energy Progress customers in North Carolina will see an increase to their monthly energy costs in 2018 if the company’s annual fuel cost-recovery filings receive approval from the North Carolina Utilities Commission (NCUC).

The utility made its annual adjustment this week with the NCUC for costs associated with fuel, compliance with the state’s renewable energy portfolio standard (REPS), cost recovery under the Joint Agency Asset Rider (JAAR), and implementation of energy efficiency (EE) and demand-side management (DSM) programs.

If approved, overall energy costs would increase about 2.3 percent for residential customers, 4.7 percent for commercial customers and 4.5 percent for industrial.

The total monthly impact of all rate changes for a typical residential customer using 1,000 kilowatt-hours (kWh) per month would be an increase of $2.45.

Duke Energy Progress makes a fuel cost-recovery filing annually in North Carolina. The fuel rate is based on the projected cost of fuel used to provide electric service to the company's customers, plus a true-up of the prior year’s projection.

The NCUC reviews fuel costs and adjusts the fuel component of customer rates accordingly. By law, the company makes no profit from the fuel component of rates.

Annual filings

Duke Energy Progress has requested to recover the costs associated with building a smarter energy future through programs designed to help increase efficiency, reduce energy consumption and save customers money on their energy bills.

Additionally, the company filed a Joint Agency Asset Rider to recover costs associated with the purchase of the North Carolina Eastern Municipal Power Agency’s (NCEMPA) ownership interest in several Duke Energy Progress generating plants.

Duke Energy Progress also submitted a filing to the NCUC based on the utility’s compliance with the state’s renewable energy portfolio standard, and for charges to customers for the utility’s compliance with the state’s renewable energy portfolio standard.

About Duke Energy

Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company’s Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States.

Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com

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