Duke Energy Seeks $800 Million in Additional Fuel Costs Amid Controversy
In a move that has sparked discussion across North Carolina, Duke Energy has announced its plan to request an extra $800 million from the Utilities Commission to cover fuel costs. This announcement comes on the heels of a proposed 15% rate increase, leading to concerns about the financial impact on residents.
Governor Stein has expressed his disapproval, stating, “On top of a proposed 15% rate hike, Duke Energy is now asking North Carolinians to foot the bill for an additional $800 million in increased fuel costs. I vetoed Senate Bill 266 for exactly this reason: because it would further expose North Carolina ratepayers to volatile fuel markets and shift the cost of electricity from large industrial users onto the backs of regular people, making your utility bills more expensive. Republican legislators knew this too – but still left North Carolinians holding the bag. The Utilities Commission should step in to secure an affordable energy future for North Carolinians. We must do everything we can to make life more affordable for families, not more expensive.”
Senate Bill 266, which became law last year despite Governor Stein’s veto, has been a contentious issue. Research from North Carolina State University and Duke University suggests that the legislation could lead to a $23 billion increase in costs for state ratepayers in the coming years, primarily due to rising fuel expenses.
For more details on Governor Stein’s response, you can click here to read his veto statement.
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