The company also files annually to recover the costs of implementing programs designed to help reduce energy consumption and save customers money on their energy bills, and for costs associated with the utility's renewable energy investments.
Under North Carolina's energy law passed in 2007, Progress Energy must provide an increasing percentage of energy sales from renewable resources. The requirement grows from 3 percent this year to 12.5 percent in 2021. The company has signed contracts to purchase energy from a number of solar photovoltaic arrays, biofuels facilities and other renewable sources, and continues to evaluate renewable energy opportunities.
Apart from fuel, energy-efficiency and renewable energy expenses, the other main component of customer rates is the base retail rate.
In October, Progress Energy filed a request with the NCUC to increase the base rate portion of customer bills to reflect investments made to modernize the power system and other increased costs of providing service.The NCUC has scheduled public hearings on that request in February and March 2013. If approved, the increase is expected to take effect in mid-2013. Progress Energy encourages customers to learn all they can about using energy wisely – to save energy and money. Customers can save up to 20 percent on their energy costs by making simple changes at home. Cleaning air filters, replacing incandescent light bulbs with compact fluorescent bulbs, adjusting the thermostat and sealing windows and doors can result in noticeable savings. Customers can learn about available energy-efficiency programs and incentives at www.progress-energy.com/save. Progress Energy Carolinas, a subsidiary of Duke Energy, provides electricity and related services to nearly 1.5 million customers in North Carolina and South Carolina. The company is headquartered in Raleigh, N.C., and maintains a diverse generation fleet of more than 12,200 megawatts in owned capacity. PEC serves a territory encompassing more than 34,000 square miles, including the cities of Raleigh, Wilmington and Asheville in North Carolina and Florence and Sumter in South Carolina. More information is available at www.progress-energy.com. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information is available at www.duke-energy.com. Contact our 24-hour media line: 800-559-3853 Follow Progress Energy Carolinas on Twitter: www.twitter.com/ProgEnergyNC_SC Follow Progress Energy Carolinas on Facebook: www.facebook.com/ProgressEnergyCarolinas