Duke Energy's (DUK) Subsidiary Eyes More Revenues in South Carolina

Duke Energy Corporation (NYSE:DUK) is one of the 10 best defensive stocks to buy in a volatile market. On July 1, the company’s subsidiary, Duke Energy Carolinas, filed a request for a 7.7% rate increase in South Carolina. If approved, the new power rates will come into effect early next year.

The proposed rate increase will result in a monthly bill increase of up to $10.38 for residential customers using 1,000 kilowatt-hours of electricity. Commercial customers are to experience a 5.4% average bill increase, while industrial customers will face an average increase of about 5.2%.

The proposed rate increase will increase Duke Energy’s annual revenue in South Carolina by up to $150.5 million. The increase is in response to the investments the company has made in the power grid, improved reliability, and storm resilience.

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Disclosure: None. This article is originally published at Insider Monkey.