Duke Energy has requested approval from North Carolina regulators to raise electricity prices and recover over $800 million from customers to cover higher fuel and power procurement costs incurred during a period of extreme winter cold.
The company stated on Wednesday that it is seeking to recover approximately $500 million in winter fuel and power costs for Duke Energy Carolinas and about $309 million for Duke Energy Progress. If approved, monthly bills for customers would increase by approximately $6.90 and $7.88, respectively, starting June 1.
Duke Energy Carolinas serves around 2.3 million customers in central and western North Carolina, while Duke Energy Progress serves approximately 1.6 million customers in the central and eastern parts of the state.
The company explained that the severe cold weather in late January and early February caused electricity demand to exceed available generation and storage capacity. This forced it to purchase additional power from neighboring utilities at high market prices.
Duke Energy has proposed extending the cost recovery period from the usual 12 months to 19 months to lessen the immediate financial impact on customers.
The company reported that electricity demand on January 27 reached a winter peak of 37,308 megawatt-hours, which is the highest winter record ever for the Duke Energy Carolinas system.
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