New rates take effect for Duke Energy Progress customers in South Carolina

- Rates will remain competitive and below the national average

- Changes come after a lengthy and very public process

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Jun 03, 2019, 10:23 ET

GREENVILLE, S.C., June 3, 2019 /PRNewswire/ --

(NOTE: Duke Energy Carolinas in South Carolina, separate from Duke Energy Progress in South Carolina, also changed rates for its customers beginning June 1. Duke Energy Carolinas serves about 591,000 customers in the Upstate region of South Carolina, including Greenwood, Greenville, Spartanburg, Lancaster and York counties. The company has issued a separate news release about the Duke Energy Carolinas rate change.)

New rates became effective on June 1 for Duke Energy Progress customers in South Carolina based on the Public Service Commission of South Carolina (PSCSC) order issued May 21. The new rates remain below the national average, even after adjustments are made to reflect investments in cleaner, more reliable energy.

Duke Energy Progress serves about 169,000 customers in the northeastern part of South Carolina, including Darlington, Florence and Sumter counties.

The changes in customer rates come after a lengthy and very public process evaluating a request that is at the heart of the company's ability to build a smarter energy infrastructure for South Carolina. The new rates also reflect the company's efforts to deliver electricity that is cleaner than ever, and ensure the best customer service possible. The new rates will also reflect savings from recent tax reform.

Rate impacts
The PSCSC approved an average rate increase of 6.3 percent for all residential customers. Commercial and industrial customers will see an average increase of around 4.2 percent (actual rates vary by customer group and size).

Beginning June 1, a typical residential customer who uses 1,000 kilowatt-hours (kWh) of electricity monthly would pay about $130.55 per month, an increase of about $8.06.

The final rate order can be viewed on the PSCSC website: https://dms.psc.sc.gov/Attachments/Order/02fbebad-5201-4917-afe8-207314b21777

Fuel savings
In April, the company proposed a decrease in monthly fuel costs for its South Carolina customers as part of an annual adjustment of the actual cost of fuel used to generate electricity at its power plants. If approved by the PSCSC, that change would reduce the typical residential customer's bill by $1.95, beginning July 1. Commercial customers would see an average decrease in their bills of about 2.1 percent, and industrial customers would receive an average decrease of about 4.4 percent.

A rate change was also made June 1 for Duke Energy Carolinas customers. Duke Energy Carolinas serves about 591,000 customers in the Upstate region of South Carolina, including Greenwood, Greenville, Spartanburg, Lancaster and York counties.

Duke Energy Progress
Duke Energy Progress, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides about 12,700 megawatts of owned electric capacity to approximately 1.6 million customers in a 32,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Ryan Mosier
24-Hour: 800.559.3853

SOURCE Duke Energy