Posted on 03/02/2023 2:44:17 AM PST by Libloather
A Duke Energy Corp. subsidiary for North Carolina electric customers has asked state regulators to let them raise residential rates by 16.6% in the coming months largely to recover their fuel costs, which it said soared mainly from natural gas prices last year.
Duke Energy Carolinas serves about 2 million households and businesses in western and central North Carolina. It said Wednesday that if the request is approved by the state Utilities Commission, the typical residential customer's monthly bill would increase from $115.01 to a little over $134.11.
The Charlotte-based utility emphasized such approved requests don't widen anticipated profits, but rather cover its expenses to obtain the fuel that generates electricity, such as natural gas, coal and nuclear rods. Their customers paid $1 billion less than their actual cost of fuel during 2022, the company said in a news release. Higher natural gas demand and tight supplies drove most of the rate request, the company said.
"Fuel costs to generate electricity have more than tripled over the last year, which is a challenge faced by energy providers across the country," said Kendal Bowman, Duke Energy's North Carolina president. "Our rates in North Carolina are far below the national average, and we're doing everything we can to keep customer bills as low as possible."
Tuesday's application with the commission, which marks the largest ever fuel filing increase in the history of either of Duke Energy's North Carolina electric subsidiaries, seeks a 16.2% residential rate increase by Sept. 1, with a 0.4% increase by Jan. 1.
Duke Energy Carolinas also said it would seek a 15.2% rate increase for commercial customers and 12.1% increase for industrial customers.
The subsidiary's coverage area includes Charlotte, Durham and the Triad.
(Excerpt) Read more at abc11.com ...
natural gas at henry hub
USD 2.78
cheeeep
Yeah 2035 is going to be an interesting year. Hopefully by then the country will have it’s act together.
I got some in Florida for 3.12 and it felt like I was getting it free. It’s down a lot all over the place.
Natural gas futures have been low. Are these consumer price spikes due to previous high commodity prices?
I live less than an hour from one of Duke’s nuke plants...and my electric bills are going up 17% because of natural gas costs?
“natural gas at henry hub
USD 2.78...cheeeep”
I think the cost increase was from last year, due to us having to divert a lot of natural gas to make LNG, to keep Europe from freezing this winter, after we BLEW UP THEIR PIPELINE. The need for LNG prevented the normal topping of off of US tanks both in the East and in the West (where gas bills are up 8-fold).
For natural gas that has been as low as less than $2.50 this winter and is now back up to $2.80 a thousand cubic feet.
Sounds like they made some really bad contract deals when it was over $7 when europe went into panic.
Exactly...it dipped below $2 briefly recently.
Misinformation runs wild from the left. They just ignore what does not fit the narrative and get their digs in every chance they get.
The local paper, which I should cancel since it is nothing but an endless parade of miscreants, meth heads, mental midgets and other spew, had a shot of daffodils in bloom. We have lots of wild ones in this area. They couldn’t let the opportunity pass though to comment on globull warming saying the blossoms are two weeks early this year. WRONG!!!! if anything they are two weeks late. I have a ready barometer on this since they usually bloom just before my wife’s birthday on the 25th and that morning for many years I go out and pick her a bunch before she wakes up. There were none this year and last year, like in ‘17, they had ice on them.
Last year we started feeding cows early because of the drought. It looks like we will feed them later than usual because of the cold. Two years ago we only got one cutting later in the summer because it was so cool for so long in the Spring. Weather, it changes.
Up to my eyeballs with the stream of BS. Aren’t you?
Local utilities sent out letters warning of a 20% increase in bills this winter. Didn't happen.
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