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Progress Energy Requests Rate Hike

October 12, 2012 | Audrey Fannin

Progress 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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