Electric utility Duke Energy Corp. (DUK) announced that The North Carolina Utilities Commission or NCUC approved Duke Energy Progress' proposed settlement in the company's request to increase electric rates for its North Carolina customers.
Under terms of NCUC approval, the total rate increase will be implemented over two years. Electric rates will increase by $147.4 million, or an average of 4.5 percent, beginning June 1, 2013. Rates will increase by an additional $31.3 million, or 1 percent, beginning June 1, 2014. The total increase in rates over the two-year period will be $178.7 million, or an average increase of 5.5 percent for all customers. The approved rates include a return on equity of 10.2 percent and a capital structure of 53 percent equity and 47 percent debt
Duke Energy Progress will contribute an additional $20 million to help low-income customers in North Carolina pay their energy bills and to provide training. Additionally, the company will be allowed to reduce its cost of removal liability by $20 million
In approving the settlement, the N.C. Utilities Commission also approved the company's proposed nuclear levelization accounting as well as a new coal inventory rider allowing the company to recover carrying costs on coal inventory levels above those included in base rates.
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