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NC Attorney General Issues Appeal To Energy Rate Increase

8:05 PM, Jul 1, 2013   |    comments
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Raleigh, N.C. -- It's an on-going battle that in the end could impact your wallet. In May, the North Carolina Utilities Commission approved a 7.5 percent rate increase by Progress Energy now known as Duke Energy Progress.

On Monday, Roy Cooper, State Attorney General, filed an appeal to the rate increase with the North Carolina Supreme Court. The appeal focuses on the issue of if it should be allowed to raise customers' rates to make a 10.2 percent shareholder profit and a capital structure of 53 percent equity giving the current economic conditions. Cooper stands by his argument that Progress at the time failed to prove its case to increase rates.

The appeal also pointed out the North Carolina Supreme Court's ruling on April 12 that was in favor of Cooper's assessment. Under the state law the Utilities Commission must consider changing economic conditions in setting utility rates that are fair to its customers. That ruling was issued in response to Cooper's appeal of a 7.2 percent increase by Duke Energy.

 

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