• Agreement approved by the Public Service Commission of South Carolina outlines guaranteed savings and long-term cost reductions

GREENVILLE, S.C. , April 30, 2026 /PRNewswire/ -- South Carolina customers are projected to benefit from billions of dollars in savings over time after the Public Service Commission of South Carolina approved a settlement on Duke Energy's proposed combination of Duke Energy Carolinas and Duke Energy Progress, an agreement designed to deliver measurable, trackable customer savings backed by shareholder guarantees.

All benefits of the combination will flow to customers.

Our view: "This approval by the commission is about delivering real, long-term savings for our South Carolina customers," said Tim Pearson, Duke Energy's South Carolina president. "By combining our two utilities, we will reduce customer costs, simplify operations, promote regulatory efficiencies, and support economic growth across the Carolinas. We're grateful to the organizations that joined the settlement agreement and to the commission for its thorough and careful review of the meaningful benefits combining our two utilities will deliver to our customers."

Why it matters: By operating as one utility, Duke Energy expects to serve the Carolinas' growing energy needs at a lower cost than if the companies remained separate, with billions of dollars in projected, long-term savings shared by customers in both states, a demonstration of our commitment to finding ways to keep energy prices lower than they otherwise would be as consumer costs continue to increase on many everyday products and services. 

Key customer savings commitments in the approved agreement include:

• Duke Energy guarantees hundreds of millions of dollars in future customer savings from what would otherwise occur that can only be achieved through the combination.
• Savings come from both lower operating (production) costs and lower capital costs through more efficient system operation and planning:
  • Production cost savings include using less fuel and avoiding or reducing purchases of out-of-state energy.
  • Capital cost savings include removing 200 megawatts of battery storage from Duke Energy's long-range plan while maintaining reliability.
• Duke Energy guarantees that the savings generated by the combination will be sufficient to cover the costs necessary to bring the companies together. If those savings fall short, the company will make up the difference.
  • Guaranteed savings will be assessed cumulatively over a 14-year period.
  • Duke Energy will track results and report annually to state regulators on customer savings achieved until the transaction has fully covered its costs.

Additional savings are expected as Duke Energy's long-range plans evolve. An analysis filed in October 2025, based on updated modeling supporting the 2025 South Carolina IRP Update, projected approximately $2.3 billion in net customer savings from 2027 to 2040, relative to a scenario in which the combination was not approved, with more savings expected in the 2040s and beyond.

What's next: The North Carolina Utilities Commission (NCUC) must still approve the combination. A decision is expected in the second quarter of 2026. The combination was previously approved by the Federal Energy Regulatory Commission on Jan. 30. If all regulatory approvals are received, the targeted effective date of the combination is Jan. 1, 2027.

Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,900 megawatts of energy capacity, supplying electricity to 3 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 14,100 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 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities. 

Contact: Ryan Mosier
24-Hour: 800.559.3853

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SOURCE Duke Energy