Duke Energy Finalizes Two Initiatives to Deliver What It says Is More Than $5 Billion in Cost-Saving Benefits to Customers

Duke Energy said it is committed to providing safe and reliable energy at the lowest possible cost and is delivering on that promise with more than $5 billion in cost-saving benefits to the customers and communities it serves.

Company officials said savings will be achieved through operational innovation and efficiencies designed to lower costs, while protecting reliability and supporting long-term economic growth. The officials said these actions are part of Duke Energy’s unwavering commitment to deliver affordable energy for its customers across all its states, leveraging its scope and scale to achieve top-tier cost management.

At the core of these benefits is Duke Energy's proposed combination of the company's two electric utilities in the Carolinas – Duke Energy Carolinas and Duke Energy Progress.

Approved last week by the North Carolina Utilities Commission and Public Service Commission of South Carolina after a settlement with nearly all parties, the combination is projected to provide approximately $2.3 billion in net customer savings from 2027 to 2040, compared with a scenario in which the utilities remained separate, with additional savings expected in the 2040s and beyond.

• All savings will flow to customers. The targeted effective date of the utility combination is Jan. 1, 2027.

Duke Energy last week also completed a new, multi-year agreement to sell up to $3.1 billion in net tax credits, including nuclear and solar production tax credits and investment tax credits expected to be generated between 2025 and 2028 in Florida and the Carolinas, delivering long-term savings to customers.

• The agreement locks in pricing and ensures the ability to monetize this substantial amount of credits over this time period.

• The net value of these credits, generated through highly reliable operation of Duke Energy nuclear plants and solar sites, as well as investment in these and other technologies, will be returned to customers through rates over time, subject to approval by regulators.

"These actions reflect Duke Energy's relentless focus to operate more efficiently, reduce long-term customer costs and strengthen the energy future of the states we serve," said Harry Sideris, president and CEO of Duke Energy. "As our customers face rising costs across the board for everything from gasoline to groceries to other necessities of life, our commitment is to turn over every stone and use every tool we can to help our customers navigate these challenging times, manage their energy use and save – while also delivering the high quality of service they expect and deserve.

In addition, Duke Energy officials said they have taken other steps to reduce costs where possible and deliver savings to customers:

• Returning $210 million of savings to Carolinas customers in 2025-2026 through nuclear production tax credits.

• Saving Carolinas customers nearly $600 million on recovery from major storms like Helene through storm bonds.

• To protect existing customers in every state, the company’s contracts with large-load customers, like data centers, now include additional provisions to help ensure these facilities pay the costs of delivering service to their sites, and those costs are not transferred to other customers.