Electric Rates Could Go Up 10% Over Two Years - WSPA.com

Electric Rates Could Go Up 10% Over Two Years

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Duke Energy wants to raise rates in SC. Duke Energy wants to raise rates in SC.
GREENVILLE COUNTY, S.C. -

On Tuesday the Office of Regulatory Staff filed with the Public Service Commission a settlement agreement  in the Duke rate case which, if adopted by the Public Service Commission, would reduce the rate increase from that sought by the company.  The proposed overall reduction to Dukes’ request is $101,442,000 or 46.10% decrease.

Duke’s application would increase revenues by $220,064,000 or 15.13%.  The settlement would increase revenues in the first year by $80,391,000 or 5.53% and in the second year and beyond by an additional $38,231,000 or 2.63%.

Duke’s original request would have resulted in a monthly residential bill for 1000 killowatt hours of $118.28, an increase of $17.83 or 17.75%.

Under the settlement the monthly residential bill in the first year would be $107.97 or an increase of $7.52 or 7.49%, and the second year would be $110.76 or an increase of $2.79 or 2.58%.

The settlement revenue increase is based on a 10.2% return on common equity.  Duke had sought a return of 11.25%.

The settlement was filed signed by ORS, Duke, South Carolina Small Business Chamber of Commerce, The South Carolina Energy Users Committee and Wal-Mart Stores, East, LP and Sam’s East, Inc.

The Settlement is subject to the approval of the Public Service Commission.

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