PLAINFIELD, Ind. (IUSTV News) — Duke Energy filed a rate raise request with the Indiana Utility Regulatory Commission Thursday, asking for approval to raise energy bills by 16% in Indiana. If approved, energy bills would go up 12% in 2025, and then an additional 4% in 2026.

Electricity bills are dependent on consumption by each customer, but the company predicts that monthly electric bills would cost $27.63 more each month; an annual revenue increase of $492 million. A decision by the Indiana Utility Regulatory Commission could come as soon as early next year.

In the press release, Duke Energy said the additional revenue would be invested in modernizations to the electric grid and security and hundreds of miles of new power lines. The company also proposed voluntary time-of-use rates, which would allow Duke Energy customers to shift power use to times of the day when energy costs are lower.

Duke Energy is an electric utility company based in North Carolina, and is one of the country’s largest energy companies, serving nearly 8.5 million people across six states, according to Duke Energy’s website. In Indiana, there are more than 900-thousand customers.