Duke Energy announced on May 4 that it has finalized two major initiatives expected to provide more than $5 billion in cost-saving benefits for its customers and the communities it serves.
The company said these savings are part of ongoing efforts to keep energy costs low while maintaining reliability and supporting economic growth. The measures include operational changes and efficiencies across all states where Duke Energy operates.
A key component is the planned combination of Duke Energy Carolinas and Duke Energy Progress, which was approved last week by both the North Carolina Utilities Commission and Public Service Commission of South Carolina. This merger is projected to generate approximately $2.3 billion in net customer savings from 2027 through 2040, with further savings anticipated beyond that period. All resulting savings will be passed directly to customers, with a targeted effective date for the utility combination set for Jan. 1, 2027.
In addition, Duke Energy completed a multi-year agreement last week to sell up to $3.1 billion in net tax credits—spanning nuclear and solar production as well as investment tax credits—expected between 2025 and 2028 in Florida and the Carolinas. The company said this agreement locks in pricing for monetizing these credits over several years, with their value being returned to customers through rates pending regulatory approval.
“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…while also delivering the high quality of service they expect and deserve.” Kendal Bowman, president of Duke Energy North Carolina added: “We’re pleased the commission agrees our North Carolina customers will see significant future cost savings…from combining our two utilities in the Carolinas.” South Carolina Governor Henry McMaster said: “Duke Energy continues to deliver for the people of South Carolina…It strengthens our ability to power homes and support businesses.” Gary Salamido, president and CEO of N.C. Chamber commented: “Reliable, cost-effective energy is essential…to keeping our communities strong.” Brewster B. Bevis from Associated Industries of Florida noted: “Duke Energy Florida is continuing…to focus on delivering record-level reliability while keeping costs as low as possible.”
Other steps cited by Duke include returning $210 million in nuclear production tax credit savings back to Carolinas customers during 2025-2026; saving nearly $600 million on storm recovery through bonds; sharing about $65 million annually with Florida solar power users; achieving over $340 million fuel cost reductions at natural gas plants; projecting an additional annual fuel saving between $150 million-$200 million through fleet enhancements by 2027; as well as new contract provisions ensuring large-load facilities pay appropriate delivery costs so expenses are not shifted onto other consumers.
Duke Energy serves electric utility customers across six states—North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky—and natural gas utility clients in four states.
