Duke Energy rate hike for 93,000 Rock Hill region customers will soon be underway

Duke Energy Carolinas is increasing its rates in South Carolina after receiving approval from the Public Service Commission of South Carolina .

The Charlotte-based energy company filed a rate review request with the commission in January. The rate increases ranged from 4.4% to 8.7% on average, depending on the type of customer.

The commission approved the rate review request based on a settlement agreement submitted in May. That agreement lowered the requested annual revenue increase from $323 million or 15.5% to $240 million or 11.5%, Duke Energy South Carolina President Michael Callahan said in his settlement testimony.

This marks the first base rate increase requested by the company since 2018, according to Duke Energy spokesman Ryan Mosier.

Here’s how the changes will impact the Rock Hill region:

Who is impacted

In the Rock Hill region, the rate hike impacts about 39,000 customers each in York and Lancaster County.

Chester County has an additional 14,700 Duke Energy customers.

How much are the rate hikes

A typical residential customer’s monthly energy bill will increase by about 8.7%, according to a Duke Energy news release Monday. This represents an approximate increase of $151.20 in residential customers’ annual energy bill.

Commercial and industrial customers will see an average increase of around 4.6% and 4.4%, respectively, the cpmpany said.

When will the new rates start?

The change in rates will begin Aug. 1.

Why is Duke Energy increasing rates

Duke Energy is raising its rates in South Carolina to recover the costs of investments made to increase system reliability, such as upgrades to power plants, wires and poles, Mosier said.

Duke Energy completed upgrades in April to its Bad Creek pumped storage facility in Salem, South Carolina. The facility can now power over 1.3 million homes.

The energy company also invests in its systems to ensure it can meet future energy demand, according to the news release.