Duke Energy Progress has formally asked North Carolina utilities regulators to allow them to raise electric customer rates – starting next year.  The revenues generated would be used, in part, to toughen the electric grid and make it more flexible for renewable power.  If approved, the general rate increase would begin in October 2023 with smaller additional rate increases proposed for October 2024 and October 2025.  The cumulative rate increase would equate to 16%, with an 18.7% increase for residential customers.  Duke Energy Progress is one of Charlotte-based Duke Energy’s two electric subsidiaries in the North Carolina – serving 1.5 million customers in eastern and central North Carolina — including Raleigh, Fayetteville and Wilmington — as well as the Asheville area.

Picture from neovolta.com