INDIANAPOLIS — Duke Energy has filed with the Indiana Utility Regulatory Commission to raise customers' bills by approximately 16%.
If the filing is approved, Duke customers' bills will go up in two steps, starting with a 12% increase next year before an additional 4% in 2026.
According to Duke, the increase will vary across their customer base and depend on the cost to service different types of customers.
Duke says if the rate hike is approved, it would mean the company would see an annual revenue increase of $492 million.
“Since our last base rate increase in 2020, we’ve invested $1.6 billion in our electric grid, power plants and overall system on behalf of our customers, including advanced technology that has helped prevent more than 185,000 power outages,” Duke Energy Indiana President Stan Pinegar said.
“We know that utility costs can be a major part of a household and business’s budget and that customers expect us to do our part to keep bills as low as possible,” Pinegar said. “We have kept our day-to-day operating costs flat since 2020 while we make long-term investments to serve customers. We also are proposing voluntary, ‘time-of-use’ rates to help manage customer bills. Fortunately, fuel costs for our electricity production have declined, and residential customer bills are about 25% lower than they were in late 2022.”
A decision is possible in early 2025, according to Duke Energy.