Duke energy is once again raising rates for electricity despite record setting profits, paying no federal income tax, giving multi-million dollar yearly donations, and a massive salary increase to current CEO Lynn Good. Rates are expected to increase by 26% for industrial customers, 20% for commercial, and 16% for residential.
According to quarterly financial statements Duke Energy “gross profit for the quarter ending March 31, 2022 was $4.834B, a 9.1% increase year-over-year,” and “gross profit for the twelve months ending March 31, 2022 was $18.540B, a 6.03% increase year-over-year.”
These record setting profit numbers were posted as tax records revealed that Duke Energy was one of several large US companies that paid no federal income tax in 2020. A combination of the 2017 corporate tax rate reduction and a $110 million dollar credit, contributed to Duke actually receiving a $281 million dollar tax refund from the federal government.
The community page on Duke Energy’s website states, “Over $30 million in charitable grants each year are the driver behind impact and improvements in our communities.” In response to the recent rate hikes many expressed the belief that lower utility costs might be more effective at leading to better “improvements in our communities.”
John Downey, senior staff writer for the Charlotte Business Journal recently reported that, “Duke Energy CEO Lynn Good’s $16.5 million total compensation package in 2021 was 142 times the $115,851 in total compensation for the company’s median employee.”