Settlement Agreement reached in Duke Energy rate case

Press Release
May 17, 2024

Public Service Commission must still approve

Columbia, SC—A comprehensive Settlement Agreement was filed today with the SC Public Service Commission (PSC) regarding Duke Energy Carolinas’ electric rate case.

Duke had requested a rate increase that would have raised its rates 17.4% for residential customers and 14.8% for small businesses.

The South Carolina Small Business Chamber of Commerce (SCSBCC) intervened in the case along with nine other parties to challenge the proposed rate hike.

The Settlement Agreement, which must be approved by the PSC, would reduce the $239 million revenue increase Duke sought to $156 million, a 35% reduction.

With this reduction of increased revenue, Duke rates for residential customers would go up 13.3% and small businesses would see an 11.0% rate increase.

However, these rate increases would be further reduced by Duke applying corporate tax benefits it receives from the Federal Tax Cuts and Jobs Act of 2017.

As a result of this mitigation, the rate increase will be 8.9% for residential customers and 6.9% for small businesses.

“Congratulations to Duke and all the settling parties for their efforts to come to agreement on the multiple components of this complex rate case,” said Frank Knapp Jr. president and CEO of the SCSBCC.  “The SC Office of Regulatory Staff once again did a great job in analyzing Duke’s original filing to uncover costs that should not have been the responsibility of the ratepayers and fighting for a lower Return on Equity on the utility’s allowable expenses.”

The following organizations are parties to this comprehensive Settlement Agreement:

Duke Energy Carolinas, the South Carolina Office of Regulatory Staff, the South Carolina Energy Users Committee, Southern Alliance for Clean Energy, South Carolina Coastal Conservation League, Vote Solar, and the South Carolina Small Business Chamber of Commerce.

Walmart Inc. and CMC Recycling are not a party to this agreement but have indicated that they do not oppose it.

The SC Department of Consumer Affairs is seeking to lower the Return on Equity for the utility.

SCSBCC was represented by the Law Office of Nicholas G. Callas.


Frank Knapp

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