Duke Energy agrees to Smaller Rate Hike

In a settlement agreement, Duke Energy has agreed to a $119 million rate increase over two years, which is about half as much as the utility originally proposed. If approved, the increase for 540,000 households and businesses in South Carolina will take effect in mid-September. The utility reached a settlement agreement with the state’s utility watchdog agency, the S.C. Office of Regulatory Staff and a lineup of interveners that includes the leader of the S.C. Small Business Chamber of Commerce. The utility’s request for a $220 million increase, its third in three years, has prompted an outcry of opposition at a series of public hearings. About 1,700 people registered as opponents. The proposed increase goes before the S.C. Public Service Commission in a hearing set to start July 31 in Columbia. Instead of raising rates by an average of 15.1%, or $220 million, the settlement would increase rates in the first year by $80.3 million, or 5.53%, and $38.2 million, or 2.63%, the second year and beyond