10:59 AM EDT, 05/17/2024 (MT Newswires) -- Duke Energy's ( DUK ) Carolinas unit said Friday it agreed to settle a rate review request for $240 million with almost all parties to recover investments made to increase system diversity and reliability.

The company said the increase will be reduced by $84 million through July 2026, resulting in a net increase of $156 million for two years.

The total settlement is 26% less than the $323 million the company requested to recover investments partly made to "enhance the customer experience and meet future energy demands" for 660,000 customers in the upstate region of South Carolina, according to a statement.

The agreement, subject to approval by the Public Service Commission of South Carolina, covers recovery of new energy investments, grid updates and environmental costs, plus $2 million for low-income customer assistance, the company said.

The commission will start hearings May 20 to review the agreement and other issues, the company said.

Duke Energy ( DUK ) shares rose 0.8% in recent trading Friday.

Price: 103.67, Change: +0.83, Percent Change: +0.81