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Business & Economy
Mon November 12, 2012
Attorney General's Office Challenges Duke Rate Hike
The state attorney general's office is going before the state Supreme Court to challenge a rate increase for Duke Energy.
Jessica Jones: The state Supreme Court will hear arguments tomorrow in a case that will determine whether Duke Energy can raise rates by 7.2 percent. The North Carolina Utilities Commission approved the rate increase back in January. Attorney General Roy Cooper says the utilities commission failed to consider the impact the hike would have on famliies and small businesses in a struggling economy. But Charlotte-based Duke Energy contends the increase is reasonable because it includes profit the company was allowed to earn after capital investments in power plants and other projects. A spokesman says the company has worked hard to keep rates low for consumers. The company originally asked the Utilities Commission for a higher rate increase, which was later reduced.