Duke Energy’s (DUK) Subsidiary Eyes More Revenues in South Carolina

Duke Energy Corporation (NYSE:DUK) is one of the 10 best defensive stocks to buy in a volatile market. On July 1, the company’s subsidiary, Duke Energy Carolinas, filed a request for a 7.7% rate increase in South Carolina. If approved, the new power rates will come into effect early next year.

Duke Energy’s (DUK) Subsidiary Eyes More Revenues in South Carolina

A senior executive of the energy sector company speaking in front of a board of investors.

The proposed rate increase will result in a monthly bill increase of up to $10.38 for residential customers using 1,000 kilowatt-hours of electricity. Commercial customers are to experience a 5.4% average bill increase, while industrial customers will face an average increase of about 5.2%.

The proposed rate increase will increase Duke Energy’s annual revenue in South Carolina by up to $150.5 million. The increase is in response to the investments the company has made in the power grid, improved reliability, and storm resilience.

While we acknowledge the potential of DUK to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DUK and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.

Disclosure: None. This article is originally published at Insider Monkey.