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Duke Energy's Rate Hike Proposal May Lead to Smaller Increase for Upstate Customers Next March
Home » Trending » Duke Energy’s Rate Hike Proposal May Lead to Smaller Increase for Upstate Customers Next March
Electric customers in the Upstate of South Carolina are facing a potential adjustment to their monthly bills, contingent upon the approval of a settlement regarding Duke Energy’s proposed July rate hike. This settlement could lead to a modest increase for residential customers who consume 1,000 kilowatt-hours per month. Starting March 1, their bills would rise by just 84 cents, changing from $136.82 to $137.66. In two years, this amount would further increase by $4.21, reaching a total of $141.87.
Duke Energy Carolinas, a subsidiary of the Charlotte-based company, has indicated that the rate hike is necessary to fund improvements concerning grid reliability and resiliency, alongside the rising costs of capital to support these enhancements. This new proposal represents a significant decrease from Duke’s initial request, which would have resulted in a $10.38 increase, bringing the 1,000 kWh monthly bill to $147.19. The overall annual revenue increase from this settlement stands at $74.2 million, a stark contrast to the $150.5 million initially suggested.
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New York State Common Retirement Fund Has $94.59 Million Stock Holdings in Duke Energy Corporation $DUK
New York State Common Retirement Fund lessened its holdings in Duke Energy Corporation (NYSE:DUK – Free Report) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 801,576 shares of the utilities provider's stock after selling 8,260 shares during the quarter. New York State Common Retirement Fund owned approximately 0.10% of Duke Energy worth $94,586,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Activest Wealth Management raised its position in shares of Duke Energy by 98.1% during the first quarter. Activest Wealth Management now owns 212 shares of the utilities provider's stock worth $26,000 after acquiring an additional 105 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Duke Energy in the second quarter valued at approximately $28,000. Mascoma Wealth Management LLC increased its position in Duke Energy by 53.7% during the 2nd quarter. Mascoma Wealth Management LLC now owns 249 shares of the utilities provider's stock valued at $29,000 after purchasing an additional 87 shares during the period. Financial Network Wealth Advisors LLC raised its holdings in Duke Energy by 360.0% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 253 shares of the utilities provider's stock worth $31,000 after purchasing an additional 198 shares during the last quarter. Finally, Access Investment Management LLC acquired a new position in shares of Duke Energy in the 2nd quarter worth approximately $31,000. 65.31% of the stock is owned by institutional investors.
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