State nears natural gas rate increase deal with Duke Energy

FRANKFORT, Ky. (WTVQ) – The state and Duke Energy are close to an agreement on a proposed natural gas rate increase for the company.

The proposal, announced by the attorney general’s Office of Rate Intervention, is 38% less than the increase Duke Energy initially requested and will save ratepayers about $5.8 million from that increase.

The settlement, if finalized, also provides that Duke Energy will not seek an additional base rate increase for at least four years.

“As inflation rises, our office continues our commitment to representing the interests of Kentuckians in utility rate matters,” said Attorney General Daniel Cameron. “Kentuckians work hard to earn a living, and this settlement protects those hard-earned dollars by saving business and residential rate payers over $5.8 million in proposed natural gas rate increases.”

In June, Duke Energy filed an application with the Kentucky Public Service Commission (PSC) to increase natural gas rates for over 100,000 Duke Energy customers in Boone, Bracken, Campbell, Gallatin, Grant, Kenton, and Pendleton counties.

If the requested increase was granted, business and residential rates would increase by over 13.5 percent. If the PSC approves the settlement, the average residential customer will see a rate increase of eight percent. The settlement saves Kentuckians $5.868 million.

The settlement was filed Friday with the PSC.