COLUMBIA, S.C. — Duke Energy is seeking a settlement agreement with the South Carolina Public Service Commission (PSC) regarding its electric rate case.
The South Carolina Public Service Commission (PSC), the state agency that regulates energy companies like Duke and Dominion, held a hearing Monday to gather public opinion on Duke Energy’s proposed rate hike. However, the commission did not invite public comments but instead asked for additional time to review the settlement proposal submitted by Duke last Friday.
“To be clear, not everybody got what they wanted, but this is the hallmark of a great settlement,” said Camal Robinson, Deputy General Counsel at Duke Energy Corporation, during Monday’s hearing.
Duke initially requested a rate increase of 17.4% for residential customers and 14.8% for small businesses.
The South Carolina Small Business Chamber of Commerce, along with nine other parties, challenged the proposed hike, leading to a settlement that reduced the requested additional revenue by about 35%.
“Duke asked for about $239 million additional revenue. The comprehensive agreement will reduce that by about 35%,” said Frank Knapp, CEO of the South Carolina Small Business Chamber of Commerce (SCSBCC). He explained that residential customers were looking at a 17.4% increase, while small businesses faced a 14.8% increase.
If approved by the PSC, the average customer would see a monthly increase of $20 starting in August, with an additional $11 increase in two years.
“The hearing has now been delayed till this Thursday morning, and my understanding is they will actually go through and hear the witnesses from Duke Energy with their testimony of why they need a rate increase,” Knapp said.
Duke Energy operates in the northern counties of South Carolina, servicing approximately 835,000 residential customers in the state.