DUK - Duke Energy reaches deal in South Carolina rate review request
Duke Energy ( NYSE: DUK ) said late Thursday it reached a comprehensive agreement with consumer, environmental and industrial groups in South Carolina for its rate review request filed last September.
If the agreement is approved by the South Carolina Public Service Commission, the company plans to implement the increase beginning April 1; residential customers who use ~1,000 kWh of electricity would expect bills to increase by ~$10.95/month.
Duke ( DUK ) said the total increase should be ~$52M, 41% less than the $89M it requested to recover investments made to increase system reliability and resiliency.
The agreement also resolves the recovery of costs tied to closing coal ash basins, allowing Duke Energy Progress ( DUK ) a 9.6% return on equity and an equity component of the capital structure of 52.43%.
Duke Energy Progress ( DUK ) serves 1.7M customers in both North Carolina and South Carolina.
Duke Energy ( DUK ) "offers a bulwark against wealth destruction," and is set to grow adjusted EPS by 5%-7% from the midpoint of its 2023 guidance, Leo Imasuen writes in an analysis published on Seeking Alpha .
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Duke Energy reaches deal in South Carolina rate review request