Commission OKs Progress Energy cost hike
RALEIGH (AP) - Progress Energy will be allowed to recover some of its higher fuel costs by raising prices on the average household bill by more than 10 percent.
The electricity price will increase in December. Rates would likely increase again in December 2009. The state Utilities Commission approved the 10.2 percent increase Friday.
The Raleigh-based electric company agreed in September to spread the increase over three years after negotiating with the commission's Public Staff, which represents consumers and industrial customers.
In June, Progress Energy asked to raise rates by 16.2 percent to about $113 a month for an average household using 1,000 kilowatt hours of electricity. The Utilities Commission instead approved a rate that will increase bills from almost $97 to nearly $107.
