en.Wedoany.com Reported - Duke Energy Progress has reached a settlement agreement with stakeholders in North Carolina that would reduce its proposed rate increase by more than half while continuing investments in infrastructure needed for reliable service. The company made this arrangement after gathering feedback from customers and interested parties.

Similar to the agreement reached in July on behalf of Duke Energy Carolinas customers, the new agreement was signed by Duke Energy Progress and the North Carolina Public Staff, which represents utility customers. Other parties to the agreement include the Carolina Industrial Group for Fair Utility Rates, the Carolina Utility Customers Association, the North Carolina Sustainable Energy Association, and Walmart, with additional parties expected to join in the coming days.

Kendal Bowman, Duke Energy's North Carolina president, said the company listened to stakeholders and responded to the everyday cost pressures customers face; she thanked stakeholders for working together to find a path that can serve customers across the state more cost-effectively. Bowman also noted that company shareholders will contribute $10 million to low-income bill assistance and home weatherization programs; combined with the $10 million previously committed by Duke Energy Carolinas, this will make a real difference for customers who need it most.

Under the agreement, if the North Carolina Utilities Commission (NCUC) approves this lower-cost path, Duke Energy Progress would achieve an average annual increase of 3.4% over two years.

Duke Energy Progress serves approximately 1.6 million customers in central and eastern North Carolina and the Asheville area; Duke Energy Carolinas serves approximately 2.3 million households and businesses in central and western North Carolina, including Charlotte, Durham, and the Triad region.

Duke Energy Progress, a subsidiary of Duke Energy, has 13,800 megawatts of energy capacity and provides electricity to 1.8 million residential, commercial, and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina.

Headquartered in Charlotte, North Carolina, Duke Energy is a Fortune 150 company and one of the largest energy holding companies in the United States. Its electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and collectively own 55,700 megawatts of energy capacity; its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio, and Kentucky.

Duke Energy is executing an energy modernization strategy that prioritizes customer value, investing in grid upgrades and efficient generation resources to strengthen the system and meet growing energy demand.