Duke Energy Progress reaches settlement cutting proposed North Carolina rate hike to 3.4% over two years

• Duke Energy Progress reached a settlement with North Carolina Public Staff to cut its proposed rate increase by more than half.
• Settlement implies an average annual 3.4% increase over two years, subject to North Carolina Utilities Commission review.
• Shareholders to contribute USD 10 million for low-income bill assistance, on top of a separate USD 10 million contribution tied to Duke Energy Carolinas.
• Plan includes a MYRP refund rider tied to delayed infrastructure work, accelerated refunds of USD 120 million in annual federal tax credits.
• If regulators sign off, new rates would take effect Jan. 1, 2027.

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