(The Center Square) – Duke Energy, with more than $1 billion net income for the second quarter, remains in pursuit of a 6.8% residential rate increase for the next two years in North Carolina.
That's down from an initial 18.1% hike.
First-term Democratic Attorney General Jeff Jackson, however, remains steadfast that it’s too high – with the kicker that his belief is the actual spike is 9.3%.
“Duke got it wrong under oath,” Jackson said in a statement earlier this month. “A 6.8% increase was already too high for families, and Duke can’t justify an even bigger increase. We’re not signing this deal.”
The Center Square was unsuccessful prior to publication getting additional comment from Jackson.
Testimony at the North Carolina Utilities Commission by Duke Energy Progress and Duke Energy Carolinas was for a 3.7% increase in rates for the first year and 3.1% in the second year.
Duke Energy Carolinas’ residential rate today is roughly 12.5 cents per kilowatt-hour. For monthly bills averaging 1,000 kWh of usage, that comes to $144.98. That rate increase would be about $5.36 the first year and just under $10 from today to the second year.
If approved, the rates would take effect Jan. 1.
Duke Energy serves an estimated 39% of the state’s 11.2 million population through Duke Energy Carolinas and another 27% by Duke Energy Progress. Duke bills its request in the name of toughening the grid against storms, maximizing efficiency in power plants, and saving customers money.
Duke Energy Carolinas and Duke Energy Progress are subsidiaries of Duke Energy, the Fortune 150 company headquartered in Charlotte with more than 8.6 million electric customers in the Carolinas, Florida, Indiana, Ohio and Kentucky. Its natural gas utilities serve 1.7 million in the Carolinas, Tennessee, Ohio and Kentucky.
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