NC justices rule for Duke Energy rate increase

[unhappycamper]

http://www.fayobserver.com/news/business/nc-justices-rule-for-duke-energy-rate-increase/article_3059284d-f0b2-57c9-a5c2-6f7fb99f0f03.html

NC justices rule for Duke Energy rate increase
Associated Press
Thursday, August 21, 2014 7:26 am

RALEIGH - North Carolina electric power regulators were justified in their decision that previously allowed a Duke Energy subsidiary to raise the bills of average residential customers of the former Progress Energy by $88 per year, the state Supreme Court ruled Wednesday.

With no dissenting opinions, the justices agreed there was enough evidence to demonstrate the state Utilities Commission's conclusion last year that a specific profit margin for Duke Energy Progress was defensible.

Duke Energy Progress, with 1.3million customers in much of eastern North Carolina and in Asheville, carried out the two-year rate increase in June 2013 and June 2014, with rates growing on average by 5.5 percent, and by 7.5 percent for homes. The average home saw an increase from $104.06 per month to $111.39, according to Duke Energy.

Attorney General Roy Cooper had appealed the commission's decision, saying the panel failed to consider in detail the economic impact on customers when authorizing a return on equity of 10.2 percent.

[atreides1]

1. I'm sorry, but the majority screwed everyone!

The majority of the voters picked the Republican side, and now they'll get f**ked over just like those that voted for Democrats!

I have to wonder if those that vote Republican get secret mail saying that the bad things will only happen to those tree hugging, god hating Democrats...so don't worry!

Or, perhaps Republican voters are just brain dead?

[Massacure]

2. 10.2% is actually a fairly low return.

Duke's stock dropped about 4% in the month after they announced their 2013 returns.