Duke Energy files request for nearly 20% rate increase

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PLAINFIELD, Ind. – Citing the costs of generating cleaner electricity, improving reliability of service and other factors, Duke Energy took the first steps in increasing their rates.

We’ve made investments to meet the needs of a customer base that has grown by more than 100,000 since our last full-scale rate review. We also have environmental responsibilities and are taking significant steps to reduce our greenhouse gas emissions and move to a cleaner power generation mix. And we are upgrading our electric grid to improve reliability, help avoid power outages and speed service restoration when outages do occur.”

Stan Pinegar, Duke Energy Indiana president

Tuesday, Duke Energy Indiana filed a request with the Indiana Utility Regulatory Commission to increase annualized revenue by approximately $395 million, for an overall average rate increase of about 15% across all customer groups.

If approved, the increase will be added to bills in two steps, approximately 13% in mid-2020 and 2% in 2021. Timing will depend on state regulatory commission action.

For most residential customers, the rate increase is expected to be approximately 19%, with a 17% increase in mid-2020 and another 2% around the spring of 2021.

If approved by the commission, the company’s typical residential customer using 1,000 kilowatt-hours a month could expect a monthly bill increase of about $23, or approximately 77 cents per day, according to a press release from Duke Energy.

To help customers save on their electric bills, the company also proposed a pilot program with time-of-use rates where customers can lower their bills on high power demand days by shifting their power usage to times of day when energy is less expensive.

According to the press release, Duke Energy Indiana’s overall average electric rate is currently below state, regional and national averages and is the lowest overall electric rate average in Indiana.

The regulatory review process will include an opportunity for public comment.

To learn more about Duke Energy’s proposed rate increase, click here.

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