Associated Press: Duke gets OK to raise rates

Here’s an excerpt from the Associated Press article via the Asheville Citizen-Times:

Duke Energy Corp. said Wednesday it is willing to take less than half of the rate increase it sought in February for electricity customers in Western North Carolina under a deal with a state regulatory division responsible for representing consumers.

The power company said it agreed with the N.C. Utilities Commission’s Public Staff, which is responsible for representing consumers, to take a $205 million rate increase each of the first two years, increasing to $235 million after the third year.

The deal would allow a rate increase that includes a 10.2 percent return on equity, a measure of profit.

Details such as how hard the rate increase would hit households and other types of consumers are expected next week. …

“This is the third time in four years that Duke has asked for millions in inappropriate charges, then split the difference with regulators,” a statement by the state chapter of AARP, Greenpeace and others said.

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