Progress Energy Wants 14.2% Residential Rate Hike

Progress Energy Carolinas says it wants to increase residential rates in North Carolina by 14.2%, its first general rate hike in 25 years.

The company, now a subsidiary of Duke Energy, filed the rate hike request with the North Carolina Utilities Commission on Friday.

If the hike gets approved, the average residential customer's monthly bill would jump from just over $105 to almost $120.

The company says the largest portion of the request is for investments made to modernize its power system. Progress says the proposed hike is not connected by the recent takeover by Duke.

If approved the rate hike would go into effect in the middle of 2013.

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