Duke Energy, the primary provider of electricity for North Carolina residents, has formally requested to raise customers’ utility bills for 2027 and 2028.
The request comes amidst a period of record-breaking profits for Duke. Duke Energy stock reached a record high in March, and the company recently reported nearly $5 billion in profits in 2025– an increase of 7% from 2024.
Despite soaring profits, the company is once again attempting to raise prices. Electricity rates in North Carolina have already increased more than 23% on average over the past five years, but Duke has requested two additional rate increases from the NC Utilities Commission, one in January 2027 and another in 2028. Together, they would raise residential rates by another 16% to 18%.
Many of Duke’s customers are already struggling to make ends meet. About one‑fifth of Duke Energy Carolinas customers are behind on payments, and disconnections continue to rise as many families come off COVID-era repayment plans. Last year, disconnections increased by 37%.
“Duke Energy is celebrating profits with shareholders at the same time it is texting households to conserve power during freezing temperatures,” said Will Scott, director of Southeast Climate & Clean Energy for the Environmental Defense Fund.
North Carolina Governor Josh Stein announced his opposition to the rate hikes, saying, “Duke Energy’s proposed rate hike is simply too high and comes as the company is also retreating on more affordable clean energy. At a time when families are struggling to make ends meet, we should be doing everything we can to make life more affordable, not less.”
Stein vetoed legislation that would raise electricity prices for North Carolinians, but his veto was overridden by the Republican-led NC General Assembly.
One of the last lines of defense for consumers is the NC Utilities Commission, which has come under fire recently for wrongly approving rate increases.
The Commission will begin public hearings to consider Duke Energy’s proposed rate hikes on March 30. They are expected to make a final decision by the end of the year.
