Progress Energy Requests Rate HikeOctober 12, 2012 | Audrey FanninProgress Energy is asking North Carolina regulators to allow an increase in electricity rates. The subsidiary of Charlotte-based Duke Energy filed its request with the North Carolina Utilities Commission Friday.
The increase would cost the average home's power bills by almost $180 a year. Progress wants to raise residential rates by an average 14 percent, and for commercial and industrial customers by 9 percent. The average Progress residential customer pays about $105 a month. If the new rate is approved, that would increase to nearly $120 a month.
The company said it's the first time in a quarter century that Progress Energy or its predecessors sought a general rate increase. The electric utility says it needs the money to recoup investments in modernizing power plants to reduce pollution.
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Headlines for October 20, 2008
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