Dive Summary:

• Progress Energy Carolinas, a Duke Energy subsidiary, has filed for a revenue increase of approximately $387 million with North Carolina’s Utilities Commission (NCUC); it is the first rate increase filing for the company since 1987.
• The increase is the result of low-emission power generation operating expenses and if the NCUC approves the rates, residential customers would see an average increase of about 9 percent on their bill.
• If the increase is approved, the rate increases would take effect in mid-2013.

From the article:

Progress Energy Carolinas, a subsidiary of Duke Energy Corporation ( DUK ) has filed for annual base revenue increase of 12% or approximately $387 million with North Carolinas Utilities Commission ("NCUC"). The increase is the result of low-emission power generation and higher operating expenses.

If the NCUC approves the rates, the rates would increase more for residential customers in comparison to commercial and industrial customers. However, a consequent change in the portion of retail rates that pays for energy-efficiency and demand-side management programs would reduce the revenue request to approximately 11.0% or $359 million per year. ...