GREENSBORO, N.C. — You will be seeing a small increase in your Duke Energy bill. As of September 1, 2024, your Duke Energy bill went up about $2 more a month. Now, before you get upset, let me let you in on this rate rollercoaster.
As of January 1, 2025, your bill will be going down about $5.17 per month.
What is going on? Why couldn't Duke Energy adjust it all at one time? The process with rates and the state doesn't work that way.
"Two years ago, rates were very high and the utilities commission asked us to stretch that increase across 16 months rather than 12 just to make it a little easier for customers to stomach," said Bill Norton, Duke Energy Communications Specialist.
The last of that increase went into effect on September 1. It was on the books.
So what's the story with the decrease on January 1, 2025? Fuel prices dropped after that rate increase was put into place two years ago. By law, Duke Energy can't charge customers more for the fuel than what Duke pays for it. But getting you back the money is a process.
"You know, the interesting thing about fuel when it comes to powering a power plant is we can only adjust that one time a year. That's by state law. There's always that one-year lag, but you know, in the end, customers will pay what we pay. So it's going to get passed to them eventually," said Norton.