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Progress Energy Carolinas Residential Rates To Fall Dec. 1 In North Carolina

RALEIGH, N.C., Nov. 29, 2012 /PRNewswire/ --  Progress Energy Carolinas residential customers in North Carolina will pay slightly less for electricity beginning Dec. 1.

As approved by the N.C. Utilities Commission (NCUC), the bill for a residential customer using 1,000 kilowatt-hours (kWh) per month will decrease from $105.15 to $104.06.

The decrease is similar to other decreases applied in 2009 and 2010.

In September, customers began seeing reductions in their bills related to Progress Energy's merger with Duke Energy (NYSE: DUK).

Although Duke Energy Carolinas and Progress Energy Carolinas continue to operate as separate utilities, the merger agreements allow the companies to jointly dispatch power plants to reduce fuel expenses – thereby lowering the fuel costs passed on to customers. These changes are already saving residential customers 85 cents on a monthly 1,000 kWh bill.

The additional decrease announced today reflects changes in three components of the rates N.C. residential customers pay. The changes, based on a monthly 1,000 kWh bill, include:

  • A decrease of $1.54 in the monthly amount customers are charged for fuels used to generate electricity;
  • An increase of 59 cents in the monthly charge used to pay for energy-efficiency and demand-side management programs; and
  • A decrease of 14 cents per month in the charge for state-mandated renewable energy.

Commercial customers will see an increase of 0.2 percent and industrial customers will see a 0.6 percent increase.

"The merger savings, coupled with declining fuel prices, mean that we are able to pass along lower costs to our customers," said Brett Carter, Duke Energy's state president -- North Carolina. "We know that even a small decrease is a help to families across the state who rely on our service. We will continue to work to ensure that we provide safe, reliable, affordable and increasingly clean energy to power North Carolina's future."

The fuel portion of the company's rates is adjusted annually by the NCUC to reflect the actual cost of fuel the utility uses to produce electricity to meet customer demand. By law, Progress Energy does not make a profit from the fuel charge.

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