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Rate Increase Keeps energy affordable, reliable and clean for years to come

On Jan. 27, 2012, the North Carolina Utilities Commission (NCUC) approved the settlement reached with Duke Energy Carolinas and the North Carolina Public Staff for new electric rates for the company's customers in North Carolina.

Under the approved settlement, the average rate increase for most of Duke Energy's North Carolina customers is 7.2 percent, effective early February 2012. For residential customers, a typical customer's bill, generally about 1,000 kilowatt hours per month, will increase by approximately $7.

This increase is critical to Duke Energy's ongoing modernization plan to address increasingly stringent environmental regulations and retire and replace aging power plants. It allows us to maintain a strong financial position, which enables us to continue investing in a more reliable, efficient and clean electric system for our customers.

As part of Duke Energy Carolinas' modernization plan, two new power plants will begin producing electricity for customers in 2012. As a result, we plan to request an additional rate increase in 2012 to recover the costs of the new plants and other capital investments made on behalf of customers.

Why increase rates now?

Electricity is the lifeblood of the U.S. economy.

Electricity is the lifeblood of U.S. economy. It powers our homes, offices and industries; enables communications, entertainment and medical services; runs computers, technology and the Internet; and fuels some transportation.

Across the country, the cost of electricity is rising – and here in the Carolinas, the story is the same. Electric utilities are faced with aging power plants, increasing stringent environmental regulations and the need to meet future demand. With planned retirements at five coal-fired plants and four natural gas-fired plants in Carolinas by 2015, Duke Energy Carolinas is in the midst of a modernization plan to address these challenges.

The approved increase in electric rates is critical to our modernization plan, which includes building new, more efficient power plants. It allows the company to recover $4.8 billion in investments in new plants and equipment, and also allows the company to continue investing in a more reliable, efficient and clean electric system for our customers.

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What does this mean for my family?

Participate in our money-saving programs.

Whether you’ve been a Duke Energy Carolinas’ customer for 10 years or 10 months, you benefit from the power plants that generate electricity and the system that delivers it to homes, businesses and communities. We've invested billions of dollars to deliver on our promise of helping power customers’ lives. And we’re making long-term investments in new generation, environmental controls to meet emission regulations and infrastructure upgrades on your behalf.

We believe the approved settlement in North Carolina balances the company's need to recover investments made in the electric system with the reality that many of our customers face continued economic challenges. To assist low-income customers with their energy-related costs, we've committed to contribute $11 million of shareholder money to community non-profits.

We also want to help you make the best use of every dollar spent on your energy-related costs. Check out Youtility to learn free and easy ways to save.

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  • Get simple tips for saving energy and lowering your energy bill at Youtility
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What does this mean for my business?

Take advantage of our energy efficiency programs and incentives.

The electric system we've relied on for decades is aging. Since early 2000, Duke Energy Carolinas has been investing in system upgrades to ensure the affordable, reliable and clean electricity you rely on is there when you need it – today and tomorrow.

Electricity rates can affect every aspect of your business. That's why Duke Energy Carolinas strives to provide reliable power at competitive rates. We are committed to working with you to make sure you are using energy as efficiently as possible, which can reduce overall energy costs. It's a relationship that helps us both save money and electricity.

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  • Take advantage of our energy efficiency programs and incentives, energy management systems, digital technology and more
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How will this keep our communities competitive?

Rates well below the national average, ahead of the national competition.

The success of our region's economy relies heavily on the cost and reliability of electricity. In fact, energy cost and reliability are among the most important factors companies consider when deciding where to locate or expand a business. Many of them choose the Carolinas because of highly reliable, low-cost electricity. That choice translates to countless jobs, a stronger local tax base, community investments and corporate philanthropy.

The long-term investments we're making in our electric system today on behalf of our customers will provide a source of affordable, reliable and clean energy that will keep the Carolinas strong and competitive for decades to come.

  • Get the details on our rate increase request
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    Duke Energy Carolinas’ residential, commercial and industrial rates to average electric rates across the U.S.
  • Learn how we’re bringing more business to the Carolinas
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What does this mean for my constituents?

Ensuring affordable, reliable and clean electricity for the future.

We partner with local leaders and communities to develop sustainable energy solutions that make our customers’ lives better, help our communities prosper and keep our company strong. With careful, long-term planning, we can make energy more reliable and clean, at affordable rates, for years to come.

In ongoing conversations with customers, including listening to testimony at the public hearings and reading comments filed with the commission, we continue to hear concern about implementing a rate increase in this challenging economy. We've committed to an $11 million contribution of shareholder money to non-profits to assist low-income customers with their energy-related costs

We believe the approved settlement balances the company's need to recover investments made in the electric system with the reality that many of our customers face continued economic challenges. This electric rate increase allows the company to continue investing in a more reliable, efficient and clean electric system for customers and communities.

  • Get simple tips for saving energy and lowering your energy bill at Youtility
  • Follow
    the rate increase approval process from start to finish
  • Compare
    Duke Energy Carolinas’ residential, commercial and industrial rates to average electric rates across the U.S.