STOP the Duke Energy Rate Hike

Don’t let Duke turn the lights off on North Carolina customers.

Duke Energy’s Ploy to Escape Oversight & Raise Your Rates

Duke Energy is using its monopoly on energy in our state to pass HB 624 – a bill that would give Duke Energy the unchecked power to ignore the interests of consumers and get multi-year unsupervised rate increases for up to 5 years. The bill would also grant Duke Energy the ability to secure Return on Equity (ROE) banding with no limits.

Multi-Year Rate Making

Multi-year rate making eliminates the customer’s voice and leverage in North Carolina’s energy future. Customers already do not have a choice in their electricity supplier. If HB 624 is passed, they would also no longer have a voice in the monopoly’s actions.

Multi-year rate making allows Duke Energy to set rates, and rate increases, over multiple years without the need for a rate case or regulatory oversight. Multi-year rate making eliminates or at best minimizes the use of rate cases as a mechanism for the customer to voice their opinion.

ROE Banding

Duke is asking for permission to over-collect from ratepayers to the sole benefit of shareholders, with no repercussions.

ROE banding uses the existing Return on Equity, which is essentially the profits made for shareholders paid for by ratepayers, and provides an earning band above and below. ROE is currently set at 10% in North Carolina. As it stands, if Duke is going to earn above their ROE they are required to come in for a rate case or return over-earned monies to customers.

An ROE band would allow Duke Energy to over-collect from customers without having to justify their profits through a rate case OR return any over-earned monies to customers.

What happens when Multi-Year Rate Making and ROE Banding are combined?

The combination of multi-year rate making and ROE banding is Duke Energy’s latest scheme to force a $13 billion modernization expense burden onto customers after several previous failed attempts both in the legislature and in their rate case. This is a direct attack on the interests of the hardworking citizens of North Carolina and a clear choice to prioritize and pad the pockets of shareholders.

While the current system of ratemaking has room for improvement, it empowers regulators and customers to keep prices in check. HB 624 is a thinly veiled attempt to sacrifice ratepayers for profit. This is step in the WRONG DIRECTION.

Examples of Power Grabs like HB 624 in other states

Click the state below to see the examples.

In the News

North Carolinians VOTE NO on HB 624

North Carolina voters overwhelmingly oppose limiting consumer choice and support more price transparency. HB 624 and its supporters directly ignore the wishes of North Carolina voters.

89.2% oppose elected leaders who support giving Duke Energy the authority to set their own rates

STOP the Duke Energy Rate Hike

81.3% support elected leaders who support more consumer choice 

STOP the Duke Energy Rate Hike

88% believe energy pricing should be transparent

STOP the Duke Energy Rate Hike

This data was produced by a survey of 600 North Carolina voters in March 2019.

TAKE ACTION – Stop the Duke Rate Hike!

Shine a light on Duke’s attempt to sneak new rate hikes by you

Duke Energy is taking advantage of their power as an energy monopoly to remove necessary checks and balances from their ability to raise rates. This will affect EVERY North Carolinian. Contact your legislator today to urge them to VOTE NO on this bill!