North Carolina Utilities Commission
on Monday approved a 5.5 percent rate increase for
Progress Energy
customers.
The increase takes effect Oct. 1 and should mean about a $60 annual increase for the average household.
The commission also approved a 1.4 percent rate hike for October 2007 and a 0.9 percent increase for October 2008.
Progress Energy had requested the rate increase because of an increase in fuel cost to operate its generating plants. The fuel charge is expected to generate $177 million over three years for the Raleigh-based company, which said it does make a profit from the increase.
Progress Energy has about 1.3 million customers in North Carolina and South Carolina.
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