Rate Cases

Climate change and rate hikes dominated a Duke Energy shareholder meeting Thursday led for the last time by Jim Rogers, outgoing CEO of what the company says is the world’s largest publicly traded utility. Forcefully at times, Rogers defended Duke’s positions – and his own seven-year tenure – on questions ranging from renewable energy to pay raises for directors.

Progress Energy called witnesses Monday to testify to the North Carolina Utilities Commission about the need for an electricity rate increase. “You have to weigh (lower industrial rates) against the economics of raising a lot of other people’s rates,” said Jim Warren, executive director of NC WARN, a watchdog group that is a frequent critic of Duke and Progress. “It takes away buying power. That kills jobs, too.”

Several energy watchdog groups told Eyewitness News a new settlement with Duke Energy will not help customers’ monthly power bills. Details of the settlement between Progress Energy and Duke Energy were released Thursday afternoon. If approved, it will end a months-long battle over their controversial merger.

The number immediately jumped out to Jim Hoard: $9 million. That’s the amount Progress Energy expects to save within its first year of the merger with Duke Energy, according to the rate increase request Progress filed this month. The savings would come from streamlined operations and staff cuts that will eliminate 1,860 positions over three years.

Progress Energy Carolinas is asking state regulators for a rate increase that would boost the average household electricity bill of its North Carolina customers by nearly $180 a year.