Duke Energy “Reviewing” Order From State Allowing For Rate Hike
Source: (PHOTO: Cristina Arias/Cover/Getty Images)
STATEWIDE — Many Hoosiers may see their energy bills go up soon.
Duke Energy had asked state regulators for a rate hike in April of last year. On Wednesday they finally got their answer. The state has granted Duke its request.
Duke had originally requested a rate hike that would have seen them generate an extra $491 million in revenue. But, the state has only allowed them to raise rates to the tune of $395 million.
Duke said they need the extra cash “centered around investments in a modernized electric grid more resistant to power outages, increasing reliability at our power plants, constructing hundreds of miles of new power lines, complying with evolving environmental responsibilities, increasing electric grid security and providing new systems for customer convenience.”
The company said it has invested more than $1.5 billion in its power grid to keep pace with suburbs in several Indiana communities, especially in Hamilton County.
Duke Energy says no decision has been made yet whether they will follow through with a rate hike.
“Over the coming weeks, Duke Energy Indiana will be evaluating the order. Before new rates would be effective, we will prepare a compliance filing for state utility regulators outlining rate adjustments for different types of customers,” said spokeperson McKenzie Barbknecht. “Once the IURC gives final approval on the rate adjustments, we expect new rates to take effect in late February.”
