Commercial, Industrial, Power Prices, Utilities, Sourcing Renewables  -  June 2, 2017

Duke Energy Progress proposes 14.9% rate hike

Citing power plant modernization, the pursuit of cleaner energy sources and coal ash management, Duke Energy Progress has filed for a rate increase with the North Carolina Utilities Commission. 

The Duke Energy Corp. subsidiary said in a news release June 1 that it has requested to increase its revenues by approximately $477 million for an overall average rate increase across all customer classes of 14.9%. If approved by the commission, commercial and industrial customers would see an average increase of 13.5%, according to the utility. 

Duke Energy Progress serves about 1.3 million electric customers in central and eastern North Carolina and in the Asheville region. 

"Our customers tell us they want electricity that is more reliable and increasingly clean, and they also want more value and choice every day," said David Fountain, Duke Energy's North Carolina president. "It is critical that we, as their energy provider, balance these needs with smart investments that keep costs reasonable and keep North Carolina competitive."

Duke Energy Progress has requested options to spread recovery of certain costs over multiple years to reduce the immediate impact on customer bills.

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