CHARLOTTE, N.C., Sept. 24, 2013 /PRNewswire/ -- The North Carolina Utilities Commission (NCUC) today authorized an increase in electric rates for Duke Energy Carolinas' North Carolina customers.
The revenue increase was initially agreed upon in a settlement between Duke Energy Carolinas and the North Carolina Public Staff, which represents consumers.
Electric rates will increase by $205 million, or an average of 4.5 percent, for the first two years of the increase. Rates will increase by an additional $30 million, or 0.6 percent thereafter.The total increase in rates after September 2015 will be $235 million, or an average increase of 5.1 percent for all customers. After September 2015, the bill for an average residential customer using 1,000 kilowatt-hours (kWh) of electricity per month will increase to $110.32 from the current $102.72. That includes an increase in the basic customer charge to $12.19 per month from the current $9.90. The commission approved the settlement with one modification to rate design. The commission ordered the company to continue to further recombine a specific rate between industrial and commercial customers. The company continues to review the order. Even with the approved increase, the company's rates remain below the national average. "We're pleased the N.C. Utilities Commission has approved our revenue request," said Paul Newton, Duke Energy state president – North Carolina. "The decision reflects a balance between the needs of our company and those of our customers." "This increase is critical to the company's modernization plan to address increasingly stringent environmental regulations, and also to retire and replace aging power plants," said Newton. "Today's order allows us to keep the rate increase as low as we reasonably can while still recovering these investment costs."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV