NC panel signs off on Duke Energy orders on rates, coal ash
On Friday, the N.C. Utilities Commission approved two orders involving Duke Energy’s two electric subsidiaries in the state over rate increases requested back in 2019 and a settlement announced in January by Duke Energy, Attorney General Josh Stein and a conservation group over how coal ash clean-up cost.
According to the Triad Business Journal, the commission approved “what is likely about a 5.5% rate hike for Duke Energy Progress, cutting the request for a 12.3%, $445.3 million increase to something around $300 million”.
Under the settlement approved by the commission, Duke Energy agreed to pay over $1 billion to recycle the ash and close the plants producing them, but the amount covered by the company’s 3.4 million customers would be reduced from the previous $4 billion through 2030 to $3 billion.
The approved rate hikes comes as about 435,000 people are already at risk of eviction statewide due to the financial devastation COVID-19 has caused. While many are struggling to choose between rent, utilities and food, Duke Energy has been approved to impose additional increases on its customers.
Bottom Line: For far too long, Duke Energy has gotten away with making North Carolinians foot the bill. Especially during a pandemic that has financially impacted many to the point of facing eviction, North Carolinians shouldn’t pay for the irresponsible management of a company that reportedly has paid no corporate taxes on the $7.9 billion it made in profit over the last three years.