BRIEF: Progress Energy agrees to spread out rate increase

Fri. September 05, 2008; Posted: 05:25 PM

Sep 05, 2008 (The News & Observer - McClatchy-Tribune News Service via COMTEX) -- PGN | Quote | Chart | News | PowerRating -- Sep. 5--Progress Energy has agreed to spread out a proposed rate increase over three years.

Instead of raising residential rates by 16.2 percent, the Raleigh utility will raise rates 11.5 percent effective Dec. 1 and collect the rest in subsequent years.

The proposal, filed today with the N.C. Utilities Commission, is subject to the commission's approval. A hearing has been set for Sept. 16 in Raleigh.

The proposal would raise the monthly bill for a residential customer who uses 1,000 kilowatt hours of electricity from about $97 to about $108.

Progress reached the settlement with the state's consumer advocacy agency, the Public Staff. Industrial customers also agreed.

Electric utilities are allowed by state law to pass through their cost of fuel. The primary fuels used by Progress to generate electricity are coal and uranium.

Most of the rate increase will pay for rising fuel costs, but a portion will pay for renewable energy and for chemicals used to prevent pollution at coal-burning power plants.

john.murawski@newsobserver.com or (919) 829-8932

To see more of The News & Observer, or to subscribe to the newspaper, go to http://www.newsobserver.com. Copyright (c) 2008, The News & Observer, Raleigh, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Progress Energy (PGN) click here. Progress Energy (PGN) has Short Term PowerRatings of 5. Details on Progress Energy (PGN) Short Term PowerRatings is available at This Link.

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