Listen Live

Are you ready for a higher electric bill?

Duke Energy, which already won approval to hike rates 16% between July and December, is requesting another 7.2% rate increase for customers beginning in October.

“The factor being proposed in this proceeding represents an increase of $11.71 or 7.2% over what such customer is paying today and an increase of $40.22 or 29.8% over what such customer paid for the same period last year,” Duke says in its filling.

Duke argues that the increases are needed to make up for “a significant and prolonged rise” in energy prices.

The utility company said in a statement it could also request another rate increase before the end of the year, but claimed the rate increases are not permanent:

“Duke Energy is seeing the highest sustained prices for fuel to produce that electricity that we have witnessed in a decade. Global demand and tight fuel supplies as well as labor shortages at coal mines and railroads are affecting the cost of the power we produce as well as what we purchase in the energy markets. These are not permanent rate increases.

“Fuel costs rise and fall, and we pass those costs to our customers with no profit, so customers pay what we pay. Our priority is to purchase fuel at the best possible price, through steps such as long-term contracts and using a diversity of suppliers.”