Monthly bills will drop for Duke Energy Carolinas customers in South Carolina beginning in November for annual adjustment to fuel costs

Core Points - Duke Energy Carolinas customers in South Carolina will experience a 12.7% decrease in electric rates starting November 1, 2024, as part of an annual adjustment for fuel costs [1][3] - The average monthly residential bill will drop from $154.29 to$134.77, reflecting a total decrease of $19.52 for customers using 1,000 kilowatt-hours (kWh) per month [2] - Commercial and industrial customers will see rate decreases of 13.5% and 15.7%, respectively, with individual impacts varying based on usage and customer profiles [2] Rate Adjustment Details - The decrease in rates more than offsets a previously announced base rate increase that took effect in August [3] - Duke Energy Carolinas serves approximately 660,000 households and businesses in the Upstate of South Carolina, including Greenville, Spartanburg, and Anderson counties [3] - The annual fuel cost-recovery filing is based on projected fuel costs and includes a true-up of the previous year's projections against actual costs incurred [4] Cost Drivers - The primary driver for this year's decrease is the reduced cost of natural gas compared to the previous year, along with a lower true-up component from the last fuel cost-recovery filing [5] - Duke Energy Carolinas actively manages fuel contracts to minimize costs for customers, ensuring that bills reflect actual fuel costs incurred by the company [5] Customer Support Programs - Duke Energy offers various assistance programs for customers struggling to pay their energy bills, including government and nonprofit programs, as well as the Share the Light Fund [6] - The company provides energy-saving tips and efficiency programs, such as the Home Energy House Call, to help customers manage their energy use and reduce monthly bills [7] Company Overview - Duke Energy Carolinas, a subsidiary of Duke Energy, has an energy capacity of 20,700 megawatts and serves 2.9 million customers across a 24,000-square-mile area in North and South Carolina [8] - Duke Energy is one of the largest energy holding companies in the U.S., serving 8.4 million customers and owning 54,800 megawatts of energy capacity [9] - The company is committed to a clean energy transition, aiming for net-zero methane emissions by 2030 and net-zero carbon emissions from electricity generation by 2050 [10]