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Attorney General Attacks Duke Energy Rate Hike
Written by Joshua Senegal   
Wednesday, 03 July 2013 04:56

RALEIGH - A 7.5% rate increase by Duke Energy Progress was approved in May by the North Carolina Utilities Commission, and the move has drawn severe criticism, including North Carolina Attorney General Roy Cooper who has filed an appeal with the state Supreme Court in the hopes of getting the rate increase repealed.

Attorney General Roy Cooper says this increase is a sign that Duke Progress Energy has been focusing on its shareholders more than its consumers. “We believe that the utilities commission has been putting shareholders’ profits over consumers. The law requires the utilities commission to consider the impact on consumers when they figure out how much profit the utility ought to earn.”

Cooper says that the current 10.2% shareholder profit is much too high, especially at a time when the state's unemployment is just below 9%. “We have been fight utility rate increases over the last two years, particularly, because we have been concerned that the profit margin for shareholders of the utility, is too high.”

Cooper adds that though he doesn't wish to stop Duke Progress Energy from making a profit, the amount of profit needs to be reasonable.

Last Updated on Wednesday, 03 July 2013 05:09
 
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