CHARLOTTE — Duke Energy Progress implemented new rates for North Carolina customers on Oct. 1.
The company says the new rates remain below the national average as the company completes approximately $6.3 billion in upgrades. Rates for customers will increase by an expected 17.2% over the next three years.
The North Carolina Utilities Commission approved the plan in late September.
For the first time, the approval covers multiyear rates and includes incentives and penalties based on performance metrics.
“We’ve made major infrastructure enhancements in recent years to meet our customers’ needs and expectations, and this order will enable even more improvement while limiting annual rate increases and giving customers more cost certainty,” said Kendal Bowman, Duke Energy’s North Carolina president, in a statement.