NEWS: Duke has reached (another) agreement with North Carolina officials on rate hikes.

The latest: Duke has settled with NC officials representing ratepayers to 1) increase rates by an average of 3.4%/year over two years and 2) return money to customers if infrastructure upgrades hit delays. If greenlit by the NC Utilities Commission, the new rates will go into effect on Jan. 1, 2027.

“We listened to stakeholders and responded to the everyday cost pressures facing our customers,” said Kendal Bowman, Duke Energy’s North Carolina president, in a statement.

The background: Last month, Duke settled with the NC Public Staff on a 9.5% two-year rate increase (roughly half of Duke’s original 18% rate-hike request). But NC Attorney General Jeff Jackson refused to sign onto the agreement, claiming the figure was still too high.