Company Announcements

• Targeted investments have hardened the grid against storms and upgraded existing power plants to maximize efficiency
• Tax credits and financing Helene costs will help mitigate energy bill changes beginning in 2026

GREENVILLE, S.C. , Jan. 2, 2026 /PRNewswire/ -- Beginning in January, Duke Energy will implement changes to customer bills that reflect investments made to recover from the historic damage from Hurricane Helene, strengthen the grid against storms and outages, maintain and upgrade its power generating fleet, and serve a growing customer base while supporting economic growth in South Carolina.

Our view: "Duke Energy is committed to meeting the expectations our customers have around reliability, responsiveness and value – striking the right balance that delivers these at the lowest possible cost for customers," said Tim Pearson, Duke Energy's South Carolina president. "That means investing in what matters, delivering results efficiently, and remaining transparent about what customers are paying for and why."

The Public Service Commission of South Carolina (PSCSC) recently approved these updates for customers of Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP), the company's two utilities in the state.

Recovering from Helene: Securitization – selling low-interest, long-term bonds – is one way Duke Energy can generate savings and keep costs lower for customers while also recovering large and unexpected expenses like those that resulted from Hurricane Helene. The PSCSC recently approved a securitization plan that will save DEC customers more than $140 million on Helene expenses.

• Beginning in January, a typical residential DEC customer using 1,000 kilowatt-hours (kWh) of electricity per month will see a new storm charge on bills reflecting a 3.2% increase, or $4.58. This modest increase still delivers 20% savings for customers over the recovery period compared to traditional cost recovery methods.

"We appreciate the legislature providing tools like securitization to address extreme storm costs as we continue to pursue ways to reduce these impacts on customer bills," Pearson said.

Powering growth, driving reliability: Duke Energy has made investments in the things our customers expect: upgrades to strengthen the grid, improve reliability and storm resilience, and maintain and upgrade our generation fleet. These investments are already in place and delivering benefits to South Carolina, from faster restoration times to improved reliability and operational efficiency.

• For example, as part of ongoing grid upgrades, Duke Energy has nearly tripled the number of South Carolina customers served by self-healing technology over the past two years, with more than 70% of customers now benefiting from this innovative automated power restoration tool.

"Meeting the needs of our customers means prioritizing investments that enhance the grid while also minimizing the cost impact for customers," Pearson said. "For example, Duke Energy's nuclear units are expected to generate hundreds of millions of dollars of annual tax credits in the coming years – savings that will be passed to our customers beginning in 2026."

Bottom line: The PSCSC recently approved comprehensive agreements between diverse groups of stakeholders that will apply these tax credits to bills and include shareholder-funded contributions to residential customers, helping to mitigate the impacts of recent infrastructure investments on customer bills over the next two years.

• DEP: Beginning Feb. 1, monthly electric bills for typical DEP residential customers using 1,000 kWh per month will increase about $11.20 a month – from $153.82 per month to $165.02.
• DEC: Beginning March 1, monthly electric bills for typical DEC residential customers using 1,000 kWh per month will increase about $0.84 a month – from $148.02 per month to $148.86 (this includes the securitization charge previously mentioned).

DEC serves about 680,000 households and businesses primarily in Upstate and north central South Carolina, including Greenville, Anderson and York counties, while DEP serves about 177,000 customers in the Pee Dee region and northeastern South Carolina, including Sumter, Florence and Darlington counties. If approved by regulators in 2026, the proposed combination of the two utilities would save customers in the Carolinas more than $1 billion in future costs.

Helping customers manage costs: "Customers expect us to manage our costs, but they also want options to manage their own energy usage and give them tools to impact their own bills," Pearson said. "That's why we're helping customers lower their energy use – and lower their bills – through programs that make a measurable difference."

• Across the Carolinas, Duke Energy's aggressive energy efficiency programs deliver annual savings 150% better than the national average. Improving efficiency benefits all customers by reducing costs for the entire system. In South Carolina, the company recently increased the incentives of many of these programs, expanding ways customers can save money.
• Learn more about these programs and other ways Duke Energy helps customers manage their energy bills at duke-energy.com/SeasonalSavings.

Duke Energy Carolinas 

Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,800 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.

Duke Energy Progress 

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.8 million residential, commercial and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina. 

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Ryan Mosier
24-hour media line: 800.559.3853

 

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SOURCE Duke Energy