NC's AG Cooper to appeal Progress Energy rate hike

May. 31, 2013 @ 01:39 PM

North Carolina's attorney general says he'll challenge an electricity rate increase taking effect Saturday that will cost the average home an extra $88 a year.

Attorney General Roy Cooper said Friday he'll fight a North Carolina Utilities Commission decision that requires about 1.3 million customers of the former Progress Energy to pay an extra $326 million over the next two years.

The electricity provider for much of eastern North Carolina and the city of Asheville is now a subsidiary of Charlotte-based Duke Energy, the country's largest electricity company. Duke Energy had no immediate comment on Cooper's statement.

The rate increase state regulators approved Thursday allows Duke Energy Progress a 10 percent profit margin as it recovers some of the $11 billion invested since the last rate increase in 1987.