Duke Energy rate increase approved

The South Carolina Public Service Commission approved Wednesday a two-year, 10% rate increase for residential customers of Duke Energy.  That translates into a $7.52 rise the first year and an additional $2.79 increase the second year for a monthly residential power bill of 1,000 kilowatt-hours.  For commercial customers that means an average of 6.42% over the next two years. Other commercial customers, such as factories, will see a 7.34% rise during the same time. The first rate hike will take effect on September 18 for Duke Energy customers in South Carolina. The second rate increase will take place one year later. The increase will be Duke Energy’s third since 2010 and affect over 540,000 customers throughout the state. The company maintains that its South Carolina rates are below the national average. Under the PSC-approved agreement, Duke Energy will not make another base-rate increase for the next two years, except to pay for new power generation or “unforeseen extraordinary economic or financial conditions.”