North Carolina's utility regulators agreed Wednesday to postpone a hearing on Duke Energy's requested rate increase for the state's electric consumers.
The N.C. Utilities Commission's public staff, which represents consumers, sought a two-day delay of a hearing planned for Monday so a negotiated agreement and supporting information could be prepared.
The commission ordered that the deal be filed Monday with the hearing to follow next Wednesday.
"Duke and the public staff shall file their written settlement agreement and any supporting testimony not later than Monday," the commission said in its order delaying the evidentiary hearing.
Duke Energy in June filed a request for an overall 12.6 percent increase for its 1.8 million N.C. customers, bringing in an additional $496 million in annual revenue. It would be the Charlotte-based power company's first general rate increase in North Carolina since 1991. It would raise a typical $82 monthly electric bill by about $11 beginning Jan. 1.
The commission's public staff said Duke deserved only an overall increase of 4.7 percent, or about $183 million a year in added revenue.
Even with its requested increase, Duke said rates in its territory in North Carolina and South Carolina will remain well below national averages. The company said its current rates in North Carolina are 31 percent below national averages. Duke Energy also pointed out that it cut rates by an average of 7.5 percent in 2007.
Duke said about 75 percent of the increase it sought would be used to recover the $4.8 billion the company has spent since 2006 on pollution-control equipment, power lines and plants as Duke modernizes its power plants and retires old units.
The company said the recession has cut demand for electricity in Duke's five-state service territory that also includes Ohio, Indiana and Kentucky. The company responded with a drive to reduce costs by $100 million this year.
Duke shares rose 4 cents to $15.65 in trading Wednesday afternoon. The shares have traded between $11.72 and $17.35 over the past year.
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Duke Energy makes rate increase deal on N.C. power
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Morganton News Herald
Published: October 14, 2009
Published: October 14, 2009
Charlotte --
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