Duke Energy (DUK) Rate Hikes Opposed by North Carolina Leaders

Duke Energy Corporation (NYSE:DUK) is included among the 11 Energy Stocks to Buy for a Retirement Portfolio.

Duke Energy Corporation (NYSE:DUK) engages in the distribution of natural gas and energy-related services. The company owns and operates a diverse mix of regulated power plants – including hydro, coal, nuclear, natural gas, solar, and battery storage.

Duke Energy Corporation (NYSE:DUK) suffered a blow earlier this month after it was reported that North Carolina leaders had opposed the proposed rate hikes by the utility. Duke revealed last month that it is requesting North Carolina regulators to approve a hike of around 15% in its rates over the next two years, which would see its residential customers paying an additional $20 to $30 per month by 2028. The move comes as the company looks to propose new investments in the state to ensure reliability and keep up with the expanding demand.

However, North Carolina Attorney General Jeff Jackson has now decided to intervene in the process and review it to ‘ensure it is necessary’. Subsequently, North Carolina Gov. Josh Stein also formally opposed Duke’s proposed rate hike and issued the following statement:

“I am pleased that the North Carolina Department of Justice is fighting for the people of North Carolina. Duke Energy’s proposed rate hike is simply too high and comes as the company is also retreating on more affordable clean energy. At a time when families are struggling to make ends meet, we should be doing everything we can to make life more affordable, not less. I will continue to fight on behalf of every North Carolinian to lower costs and grow the economy.”

The North Carolina Utilities Commission is expected to make its decision on the matter in late 2026 following public hearings.

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