Progress Energy eyes rate hike

Published 8:39 pm Saturday, September 8, 2012

CHARLOTTE (AP) — Progress Energy officials have informed state regulators that they plan to file a request for a rate increase early next month.
The Charlotte Observer reported that Progress Energy has written the state Utilities Commission, saying it plans to file the request on or about Oct. 5. The filing will reveal details of the request.
The filing comes as state regulators are investigating Duke Energy over its sudden firing of previous CEO Bill Johnson just hours after the merger between Duke and Progress was completed.
Progress is requesting the rate increase because the Progress and Duke subsidiaries will operate independently. Duke is expected also to request a rate increase this year for its utility operations in North Carolina.