NC Utilities Commission approves Duke Energy Progress request to lower customer rates by 4.5%

Core Points - Duke Energy Progress has reduced residential rates by 4.5% starting December 1, 2024, due to falling fuel prices [1][4] - A typical residential customer using 1,000 kWh per month will see a decrease of $7.34, bringing their bill down from$161.97 to $154.63, which is 11% below the national average [2] - Commercial customers will experience an average rate decrease of about 6.3%, while industrial customers will see a minimal decrease of less than 0.1% [2] Company Overview - Duke Energy Progress serves approximately 1.5 million customers in central and eastern North Carolina, including major cities like Raleigh and Asheville [3] - The company owns 13,800 megawatts of energy capacity and operates across a 28,000-square-mile service area in North Carolina and South Carolina [6] - Duke Energy, the parent company, serves 8.4 million customers across multiple states and has a total energy capacity of 54,800 megawatts [7] Regulatory and Operational Insights - The North Carolina Utilities Commission (NCUC) conducts an annual review of fuel costs to ensure accurate rates for customers [4] - Duke Energy Progress actively manages fuel contracts to minimize costs, with bills reflecting actual fuel costs incurred [5] - The company is committed to a clean energy transition, aiming for net-zero carbon emissions from electricity generation by 2050 [8]