Duke Energy's Rate Hike: Fair or Not?

0:00Duke Energy is pushing for an 18% jump in residential electric rates over the next two years, even though customer bills have already, climb 22% since 2020. State regulators are reviewing the request to see if it's fair. The company argues the high-covers massive upgrades to handle North Carolina's booming population and big new users like factories and data centers. They've added about 150,000 customers lately, plus thousands of miles of power lines, new substations, and tech to cut outages and toughen the grid against storms. Customers are fired up with over 71,000 signing a petition for an independent audit of billing practices. Protesters hit the streets and Rocky Mount ahead of a city council meeting, and folks worry these rises could keep piling on top of volatile fuel, charges tied to global markets. Duke posted record profits last year, up nearly 13%, which has critics questioning the timing. The company points to the regulatory process that lets them recover costs over time,

1:03while pushing back on audit calls by highlighting public input, opportunities. Regulators are listening at tonight's public hearing in Raleigh at 7pm, with another virtual one on April 1st at 6.30pm, and more. Hearings ahead that could shape bills for years. That wraps Durham News Today, brought to you with AI.