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What recent rate settlements and storm securitization mean for customers
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Summary
DCA presenters summarized recent settlements granting base rate increases for Duke and Dominion, explained how EDIT and fuel costs affect net changes, and described Duke Energy Progress’s storm securitization charge estimate and true-up process.
Department of Consumer Affairs presenters summarized recent investor-owned utility rate developments and a new storm securitization charge that will affect customers' bills.
On Duke Energy Carolinas, Edwards said the PSC-approved settlement produced about an 8.6% base rate increase, roughly $12.06 per month for a 1,000 kWh user, and an additional 4.3% (about $6.42) scheduled to begin on Aug. 1, 2026; together he estimated an approximate $18.48 monthly increase for an average 1,000 kWh user when those steps take effect. "The PSC authorized an increase, and it mostly approved the settlement of about 8.6% increase or about $12.06 per month if you're that average thousand kilowatt hour user," Edwards said.
For Dominion Energy, Edwards said the PSC approved an 11.4% base increase (about $15.13 for a thousand-kWh user) but that lower fuel costs and EDIT returns mitigated the net effect to roughly $1.33 for an average customer; he cautioned fuel-cost volatility could change that picture.
Edwards also described the Duke Energy Progress storm securitization docket as a new mechanism in the state for recovering storm-related costs by issuing debt; he said the measure is intended to create present-value net benefits (the transcript cited '35,000,000') and that an initial charge could be around $8.38 per month before declining to roughly $5 per month in early 2025 for a 1,000 kWh user, subject to PSC true-ups. "This charge is likely going to be $8.38 per month in the first few months, and then it's going to decrease to about $5 per month in early 2025 for a thousand kilowatt user," he said.
The presenters reminded customers that true-ups can increase or decrease securitization charges, and that customers with unresolved billing issues should follow the recourse path: contact the utility, contact ORS consumer services (for IOUs), and file with the PSC if necessary.
