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Multiyear utility rate option idea goes to negotiating table

August 27, 2019

RALEIGH, N.C. (AP) — North Carolina senators aren’t accepting House changes to a Senate bill that replace a proposal to let Duke Energy Corp. seek multiyear electric rates from state regulators with simply studying the idea instead.

The Senate voted on Tuesday to reject the House version of the measure. Leaders in the two chambers appointed negotiators to work out their differences.

Charlotte-based Duke Energy has pushed hard this year for the option to seek multiyear rates from the Utilities Commission and to receive some flexibility in their profit margin. House members weren’t as confident that the Senate version would receive Democratic Gov. Roy Cooper’s support, so the study idea surfaced.

The idea of multiyear rate-setting comes after state utilities regulators last year wouldn’t approve a 10-year Duke Energy proposal on electricity grid updates.

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