Duke Energy Proposes Rate Increase
Duke Energy has proposed a rate hike, filing its request with the Indiana Utility Regulatory Commission (IURC) on July 2. The IURC is required to approve this kind of utility rate adjustment.
On average, commercial customers would see a 16.7% increase. Rates for industrial customers would increase on average between 11.3% and 16.3%, while residential customers would have an average rate increase of 19% (or about $23 more per month).
According to an Indy Star report, this is the first time Duke Energy has requested a rate increase in almost 20 years.
If approved by the IURC, rates would be phased in over two years beginning in the spring/summer of 2020. Before then – possibly as early as the fall of 2019 – the IURC will schedule public hearings to gather input on the proposed increases.
The change would raise the firm's revenue by roughly $395 million annually.
Duke Energy cites several reasons for the request:
– Investments tied to growth in its customer base;
– Transitioning to renewable energy sources and closing some of the company's Indiana coal-fired plants sooner than previously planned;
– Costs associated with increasing the system's reliability and reducing power outages;
– Complying with stricter federal rules that require closing the firm's coal ash basins;
– Installing "smart meters."
In Indiana, Duke Energy serves customers in 69 counties, including Monroe County. Click here to read a fact sheet about the proposed rate increases.
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