Duke Energy agrees to 7.2% rate increase

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Submitted: Wed, 11/23/2011 - 3:38am
Updated: Wed, 11/23/2011 - 3:41am By:

CHARLOTTE, N.C. (AP) — Duke Energy has agreed to a 7.2 percent
rate increase for its customers in North Carolina, cutting its
initial proposal in half.

The Charlotte Observer reports that the utility agreed in principle
on Tuesday to the limited increase with the N.C. Utilities
Commission’s Public Staff, which represents customers. The agreement
gives each of Duke’s major customer classes – residential, industrial
and commercial – the same 7.2 percent increase.

The commission itself still has to approve the proposal, and a
hearing begins Monday. Last week, Duke Energy had cut its proposed
North Carolina rate increase from 15 percent to 12 percent.

Attorney General Roy Cooper, whose job is also to advocate for
consumers, immediately announced he would oppose the increase.

Duke has 1.8 million customers in North Carolina.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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