Lowry cites “greedflation” as Duke Energy’s reason for rate increase request

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Dear Editor:

Do you have an extra $504 that I can take from you and put into my bank account? That is exactly what Duke Energy is asking Hoosiers.

Our energy utility corporation has requested to increase our rates by 16.2 percent while providing the same services. At a time when our paychecks are stretched further than ever, Duke Energy wants to increase your utilities bill by an average of $504 per year.

I strongly oppose this rate hike and ask that you join me in asking the Indiana Utility Regulatory Committee to reject this unreasonable rate hike.

For a massive rate increase, you would think Duke is struggling, right? WRONG. Last year, the North Carolina-based company made $2.87 BILLION in pure profit, with $497 million coming from Hoosiers.

This price hike isn’t a partisan issue. I applaud Westfield Mayor Scott Willis for publicly opposing the rate hike, and I hope other elected officials will be brave enough to speak out as well.

Duke claims the rate hike is for improvements to the grid. But, Duke is also asking to have its profit margin increased from 9.7 percent to 10.5 percent. When corporations pass their business costs onto consumers, THAT is what causes inflation. Or, more appropriately … greed-flation. Investments in infrastructure are necessary, but our bank accounts shouldn’t suffer for Duke Energy to do their job when they already profit billions each year.

Greedflation is not new, but now it has shifted into overdrive. From 1980 to 2020, profits accounted for 11 percent of inflation; in 2023, corporate profits caused inflation to spike more than 50 percent!

It’s time we take action. Let the IURC know that Duke’s 16.2 percent rate hike is unacceptable.

Submit a written comment, by July 5, to the Indiana Office of Utility Consumer Counselor, the state agency that represents all consumers in cases before the IURC at in.gov/oucc or by email to uccinfo@oucc.in.gov.

Our collective voices are more powerful than ever. So, send a message to the IURC, Duke Energy, and all big corporations that we won’t stand for putting profits over people.

Josh Lowry
Westfield