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Duke Energy gets approval to increase electric rates in North Carolina

EBR Staff Writer Published 30 January 2012

Duke Energy Carolinas has received approval from the North Carolina Utilities Commission for a proposed settlement in its request to increase electric rates for its customers in North Carolina, US.

The company will increase its electric rates in the state by about $309m, representing an average increase of 7.2% for most customers, and the new rates will go into effect early February.

The bill of a typical residential customer using 1,000kWh of electricity per month will increase by about $7.

Under the approved settlement, the company is allowed a return on common equity of 10.5% with a 53% common equity component.

Duke Energy North Carolina president Brett Carter said the settlement balances the company's need to recover investments made in the electric system with the reality that many of the company's customers face continued economic challenges.

"This increase is critical to the company's ongoing modernization plan to address increasingly stringent environmental regulations and also to retire and replace aging power plants," Carter said.