N.C.: Regulators OK Duke rate cut |
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Sat, 01 Dec 2007 00:25
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CHARLOTTE, N.C. (AP) - North Carolina regulators have ordered Duke Energy Corp. to cut residential electricity rates in the state by 4.7 percent by 2009.The North Carolina Utilities Commission, in a ruling issued late Thursday, required Duke to start with a residential rate reduction of 3.4 percent next year -- or about $3 off an average $80 monthly bill. Commercial customers will get a rate cut of more than 9 percent by 2009 and industrial customers will see savings of about 15 percent.The drop is Duke's first base-rate change in 16 years and it will cost the company $286.9 million a year in 2009. The company serves about 1.8 million customers in North Carolina.The utilities commission wanted to reassess Duke's rates after its merger with Cinergy Corp. last year, a deal that created one of the country's largest energy companies. Regulators wanted Duke to pass along cost savings achieved through the merger to customers.The Charlotte-based company had initially requested permission to raise its base rate by 10.8 percent over three years. Last month, the utility, industrial customers, the Public Staff of the utilities commission and the North Carolina Attorney General's Office agreed to a 3.85 percent drop in residential rates.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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