The N.C. Supreme Court affirmed today that the state Utilities Commission was right to authorize a 10.2 percent return on equity for Duke Energy Carolinas. In so doing, the court disagreed with State Attorney General Roy Cooper and North Carolina Waste Awareness and Reduction Network (NC WARN) position that Duke’s calculations were based on a distorted methodology.
In response, Jim Warren, Executive Director of NC WARN said, “It is deeply regrettable that, in today’s ruling, the NC Supreme Court has allowed Duke Energy to continue rigging electricity rates against small customers based on the single hottest hour of the year.”
In its decision, the court wrote, “Because we conclude that the Commission made sufficient findings of fact regarding the impact of changing economic conditions upon customers, that the use of 1CP was supported by substantial evidence, and that no improper costs were included in the Commission’s order, we affirm.”
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