WRAL Investigates: Why your power bill could double by 2026

CAROLINA KENO. ITS BIG THRILLS.

>> YOUR MONTHLY BUDGET IS ABOUT

TO TAKE ANOTHER HIT. ONCE NEW

ELECTRIC RATES ARE APPROVED FOR

DUKE ENERGY CUSTOMERS. HOWEVER,

THAT HIKE MAY BE A DROP IN THE

BUCKET COMPARED TO THE NEXT

RATE HIKE.

>> WRAL INVESTIGATES CULLEN

BROWDER IS HERE WITH AN OMINOUS

PREDICTION POLLEN. SO DEBORAH

AND GERALD, THE TO DO COMPANIES

THAT PROVIDE ELECTRICITY HERE

IN NORTH CAROLINA, COMBINE A

MADE NEARLY 3 BILLION DOLLARS

IN NET INCOME LAST YEAR.

BUT THE PUSH FOR CLEANER, MORE

RELIABLE ENERGY COMES WITH A

COST. THE DUKE ENERGY CAN PASS

DOWN TO US. ONE EXPERT SAYS

CONSIDER WHAT YOU PAY NOW PER

MONTH. AND THEN A FEW YEARS

DOUBLE.

DOES YOUR MIND AND YOU GUYS ARE

STILL UNDER OATH IN THE COURSE

OF 2 DAYS OF COMPETITION FOR

WHAT YOU CALL THE SHADOW OF MY

RP ACCCORDING STILL TESTING THE

TIME WE GET TO THE DEC CASE OF

THE COMPANY'S PROPOSED MRP, WE

MAY HAVE A DIFFERENT VIEW ON

OTHER PIMM DURING DUKE ENERGY'S

RATE HEARING BEFORE THE NORTH

CAROLINA UTILITIES COMMISSION

CAME A BOMBSHELL OVER WHERE OUR

ELECTRIC BILLS ARE HEADED AND

THAT WAS LIKE A FLASHING RED

LIGHT TO ME. DUKE IS ASKING THE

COMMISSION TO RAISE RESIDENTIAL

ELECTRICITY RATES BY CLOSE TO

19% OVER THE COMING 3 YEARS.

BUT THE UTILITIES NEXT RATE

REQUEST COULD BE MUCH BIGGER.

GIVEN MY ESTIMATE OF THE

REVENUE IMPACT THE COMPANY'S

MR. P AND NON MRP SPEND OVER

THE NEXT 3 YEARS. CURRENT RATES

WILL APPROXIMATELY DOUBLE

BETWEEN. NOW.

>> AND THE END OF THE COMPANY'S

NEXT RATE CASE JUST TO MAKE

SURE YOU HEARD THAT RIGHT TURN

GREATS WILL APPROXIMATELY

DOUBLE BETWEEN. NOW.

AND THE END OF THE COMPANY'S

NEXT RATE CASE. UTILITIES

COMMISSION, PUBLIC STAFF MEMBER

DUSTIN METS WAS STUNNED BY HIS

OWN RESEARCH IS SHOCKING THAT

MAINTAINING OR IMPROVING THE

OVERALL RELIABILITY OF THE

COMPANY'S ENTIRE ELECTRIC

SYSTEM.

>> REQUIRES NEARLY 9 BILLION

DOLLAR CAPITAL PROJECTS PENNED

BY THE END OF A GREAT

YEAR. 3.

>> IF WE'RE TALKING ABOUT

DOUBLING OUR RANGE, WHY

SO MUCH? WELL, THESE ARE

TRANSFORMATIONS THAT WE'RE

MAKING TO OUR INFRASTRUCTURE.

DUKE ENERGY SPOKESMAN JEFF

BROOKS SAYS THE UTILITY REMAINS

FOCUSED ON THE RATE REQUEST FOR

THE NEXT 3 YEARS. HOWEVER.

>> CUSTOMERS WILL BE ON THE

HOOK TO MEET GROWING DEMAND AND

CLEAN ENERGY REQUIREMENTS IN

THE NOT SO DISTANT FUTURE.

WE HEAR FROM OUR CUSTOMERS THAT

THEY WANT RELIABLE SERVICE.

WE HEAR THAT THEY THEY WANT A

SECURE GRIT, YOU KNOW, AND

WE'RE COMMITTED TO ALL OF THAT.

AND WE'RE INCREASINGLY THAT

THEY WANT ACCESS TO CLEANER

ENERGY OPTIONS. AND FOR US TO

REDUCE OUR OPERATIONAL

FOOTPRINT.

>> THERE IS A COST ALL OF THAT.

HERE'S A MAP OF DUKE ENERGY

PROGRESS AND DUKE ENERGY,

CAROLINAS, COVERAGE AREAS.

ACCORDING TO FEDERAL DATA, DUKE

ENERGY, PROGRESS RANKS WELL

ON AFFORDABILITY.

>> 800 10TH, MOST EXPENSIVE

PROVIDER IN THE COUNTRY OUT OF

MORE THAN 1300 IF RATES DOUBLED

AND OTHER UTILITY STAY THE

SAME. DUKE WILL JUMP TO 26 MOST

EXPENSIVE DUKE CAROLINAS WOULD

JUMP FROM ONE OF THE CHEAPEST

TO THE 39TH HIGHEST RATES IN

THE U.S.. IT'S NOT SOMETHING

THAT I WOULD WANT TO HEAR BACK.

>> IF I WERE THE NORTH CAROLINA

CONSUMER, I WOULD REALLY WANT

TO KNOW WHAT I'M GETTING FOR.

>> THAT THEY'RE PAYING THAT

AMOUNT. JUST A GOOD SHIPLEY

HELPS ANALYZE UTILITY

REGULATION FOR THE REGULATORY

ASSISTANCE PROJECT. SHE SAYS

NORTH CAROLINA'S MULTI-YEAR

RATE PROCESS WILL PROVIDE

CONSUMERS METRICS TO JUDGE DUKE

ENERGY ON THEIR PROMISES.

>> UNLIKE OTHER PARTS OF THE

COUNTRY, THOUGH, THIS PROCESS

LETS THE UTILITY DRIVE RATES

THROUGH ITS OWN PREDICTIONS BY

USING FORECASTED COSTS WERE

KIND OF JUST GIVING THEM.

A BLANK CHECK. AND IN THE WORDS

OF UTILITIES, COMMISSION,

ENERGY DIRECTOR, EVERYONE WILL

FEEL THE PAIN CUSTOMERS ON

FIXED INCOMES. CUSTOMERS NOT ON

FIXED INCOMES, BUSINESSES,

INDUSTRY, EVERYBODY. YES.

>> WHAT DO YOU SAY TO CUSTOMERS

WHO ARE WOULD FEEL STICKER SHOT

FROM THAT?

>> YOU KNOW, WE KNOW THAT FOR

SOME CUSTOMERS. ANY INCREASE

IS A CHALLENGE. AND WE'RE GOING

TO DO EVERYTHING THAT WE CAN

TO MANAGE THAT AS MUCH AS

POSSIBLE. WE HAVE TO CONTINUE

MAKING IMPROVEMENTS TO KEEP UP

WITH THE CAPABILITIES THAT OUR

CUSTOMERS WANT. BUT WE KNOW

THAT THERE'S A PRICE FOR THAT.

>> SO TO BE CLEAR, NOTHING IS

SET IN STONE YET TO UTILITIES

COMMISSION IS STILL CONSIDERING

THIS CURRENT THREE-YEAR RATE

REQUEST FOR NOW, DUKE ENERGY

WON'T CONFIRM THE POTENTIAL

TO DOUBLE OUR RATES AND ITS

NEXT REQUEST. THAT'S GOING TO

BE IN LATE 2025, THERE WILL

BE PUBLIC HEARINGS AT THAT TIME

IN THE UTILITY CAN ALWAYS ALTER