What NC regulators' order means for Duke Energy customers

CHARLOTTE, N.C. — Duke Energy Carolinas says its rate increase will be just $1.2% — and it won’t be felt until 2021.

The utility estimates that North Carolina regulators’ order last week approves a 1.2% rate hike, but that customers will see no increase in the first four years because Duke owes customers money back for excess collections in the past.

The ruling is likely to have an impact on the stock of parent company Duke Energy Corp.(NYSE:DUK). The Charlotte-based company says in a filing with the Securities and Exchange Commission Monday it will take a $150 million impairment charge against its earnings for the second quarter to account for the impact of the rate ruling.

The utility had asked for a rate increase of 11.6%. The state’s utility customer advocate, the Public Staff of the N.C. Utilities Commission, had argued in the proceedings that no increase was warranted and that rates should be cut by as much as 6.4%.

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