Duke Energy filed a request with the North Carolina Utilities Commission on April 15 to recover $809 million in fuel and power purchase costs that were incurred during the extreme cold snap of late January and early February 2026.
The filing breaks the amount into $500 million for Duke Energy Carolinas and $309 million for Duke Energy Progress, reflecting the higher fuel and market‑price costs that the company had to absorb when record demand pushed it to purchase additional power.
If the commission approves the request, the rate increase would raise monthly bills for a typical residential customer using 1,000 kWh by about $6.90 for Duke Energy Carolinas and $7.88 for Duke Energy Progress, with the new rates taking effect on June 1, 2026.
The proposal has drawn criticism from Governor Josh Stein, who argues that shifting volatile fuel costs onto consumers is unfair. The North Carolina Utilities Commission must evaluate whether the rates are “just and reasonable” before approval.
Duke Energy’s filing comes as the company plans to add 19,600 MW of new generation capacity over the next decade to improve reliability and meet the growing demand that has added roughly 150,000 customers in the past two years. The company carries $91.1 billion in debt against a market capitalization of $99.93 billion, underscoring the importance of cost recovery for its financial health.
Kendal Bowman, Duke Energy’s North Carolina president, said, “When customers need power the most – during extreme cold or heat – reliability is not optional. Our responsibility is to deliver electricity safely and reliably, even when demand exceeds what our system can supply on its own.”
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.