North Carolina Attorney General Jeff Jackson is continuing his fight against Duke Energy Carolinas’ proposed rate increase, saying the utility’s revised request still asks too much of residential customers.
Jackson announced Tuesday that his office will not join a proposed settlement between Duke Energy, the North Carolina Public Staff and other parties, opting instead to continue challenging the case before the North Carolina Utilities Commission, according to the Charlotte Observer.
Duke originally sought an 18% residential rate increase, but a proposed settlement would reduce that to a 9.5% increase over two years. Jackson called the reduction progress but said it still places too much financial burden on North Carolina families.
“Duke started this case asking families for an 18% increase,” Jackson said. “We pushed back, and now its own filing shows 9.5%. That is movement in the right direction, but it is still too high.”
Jackson also argues Duke should receive a lower authorized profit rate than the 9.8% return on equity included in the proposed settlement. His office recommends a 7.4% return, which he says could save customers an estimated $1.37 billion over the next two years.
The attorney general praised the settlement for opening discussions on ensuring data center energy costs are not shifted to residential customers, but said more work is needed.
The North Carolina Utilities Commission will decide whether to approve the proposed settlement. If approved, the new residential rates would take effect Jan. 1.
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