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Duke Energy’s 7.2% Rate Hike is Approved By IURC

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Duke Energy's 7.2% Rate Hike is Approved By IURC

(CTN News) _ Customers of Duke Energy will once again feel the pinch as a result of the recent price hike.

Earlier this week, the Indiana Utility Regulatory Commission (IURC) approved Duke Energy’s request for a 7.2% rate hike, the second rate hike for Duke Energy in a matter of months.

The new rules will be put into effect in October of this year.

It was due to higher-than-expected fuel costs that were not in line with the company’s previous cost projections at the time that Duke requested a rate hike, citing a fuel adjustment charge (FAC) as the reason for the increase.

Customers will be able to see an increase in their bills on average of $11.71 as a result of this change.

The rate increase was approved by the IURC in July after Duke requested it-and the IURC,

The law was approved before it went into effect in July of this year, and it went into effect on that date. The request also included a request for a 16% rate hike as a part of that request.

A residential customer who is currently paying $163.53 a month will have to pay $175.24 a month under the proposed increase.

As a result, commercial customers will see a rise in their bills of about 8.8%, while industrial customers will see a rise of around 10.7%.

There is an expectation that it will have a significant impact on October, November, and December’s bills based on the estimates of the IURC.

In order to reduce the immediate impact of the increase on customers, Duke Energy asked the IURC to spread it over a period of six months.

According to the utility company, the increases will not last for a long period of time.

When compared with last year, Duke Energy customers will have to pay about 30% more than they did a year ago when it comes to rate increases compared to a year ago due to the rate increases.

Who owns Duke Energy now?

1997: Duke Energy Corp. is established when Duke Power Co. and gas pipeline firm PanEnergy Corp. complete their merger. 2000:
Florida Progress Corp., parent company of Florida Power Corp., is acquired by Carolina Power & Light for $5.3 billion

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