The Public Service Commission of South Carolina has approved Duke Energy Corporation’s (NYSE:DUK) request for an increase in base rates, effective August 1, 2024.

The decision follows a settlement agreement reached between Duke Energy Carolinas, the South Carolina Office of Regulatory Staff, and other parties.

The revised rates are based on a $7.4 billion South Carolina retail rate base and will grant a 9.94% return on equity.

The order also mandates a net pre-tax accounting charge of approximately $30-40 million for the second quarter of 2024.