Duke Energy (NYSE: DUK) has filed requests with the North Carolina Utilities Commission to recover approximately $809 million in fuel and purchased power costs incurred during extreme winter weather in late January and early February.

The utility reported that energy demand reached a winter peak of 37,308 megawatt-hours on January 27, requiring the company to purchase additional electricity from neighboring utilities at elevated market prices. Sustained subfreezing temperatures pushed electricity demand beyond what existing power plants and storage resources could supply.

Duke Energy Carolinas seeks to recover approximately $500 million, while Duke Energy Progress requests recovery of about $309 million. The company proposes spreading the recovery over 19 months instead of the typical 12-month period.

If approved, typical Duke Energy Carolinas residential customers using 1,000 kWh per month would see monthly increases of about $6.90 starting June 1. Duke Energy Progress customers would see increases of approximately $7.88 per month.

"When customers need power the most – during extreme cold or heat – reliability is not optional," said Kendal Bowman, Duke Energy's North Carolina president. "Our responsibility is to deliver electricity safely and reliably, even when demand exceeds what our system can supply on its own."

The utility cited North Carolina's growth as driving increased electricity demand, noting it has added approximately 150,000 customers over the past two years. Companies announced projects in 2025 bringing more than 35,000 jobs and $24 billion in investment statewide.

Duke Energy plans to add 19,600 megawatts of new generation capacity over the next decade, including new power plants in Person County, North Carolina, and Anderson County, South Carolina.