The South Carolina Public Service Commission approved a securitization plan on January 2, 2026 that allows Duke Energy Carolinas and Duke Energy Progress to recover more than $140 million of Hurricane Helene restoration costs while applying tax‑credit savings to customer bills. The plan also earmarks funds for grid‑modernization projects that will strengthen reliability and support future growth in the state.
Under the plan, Duke Energy Progress residential customers will see an average monthly increase of about $11.20 beginning February 1, 2026, while Duke Energy Carolinas customers will experience a smaller rise of roughly $0.84 per month starting March 1, 2026. The increase includes a new storm‑charge of 3.2% (approximately $4.58) for DEC customers, but the overall effect is a net saving of more than $140 million in recovery costs—about a 20% reduction compared with traditional cost‑recovery methods.
The approval also unlocks capital for a suite of grid‑upgrade initiatives. Duke Energy has already deployed self‑healing technology to more than 70 % of its South Carolina customers, and the new funding will accelerate plans to bury power lines, harden distribution assets, and enhance transmission infrastructure. These investments are part of a broader strategy to reduce outage duration, improve reliability, and prepare the grid for future climate‑related events.
Financially, the securitization aligns with Duke Energy’s recent performance. In 2024 the company reported earnings per share of $5.71, a notable increase from $4.50 in 2023, and it has guided 2025 EPS growth of 5%–7% through 2029. The cost‑recovery plan therefore supports the company’s long‑term financial targets while keeping customer rates more predictable during extreme weather events.
Tim Pearson, Duke Energy’s South Carolina president, emphasized that the regulatory tool “helps balance customer expectations for reliability and value with affordability.” The company’s broader leadership has highlighted the importance of strategic investments in resilience and modernization as key drivers of future growth and customer satisfaction.
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