Duke Energy Ohio Seeks Extension of Rate Plan Through 2010
CINCINNATI – Duke Energy Ohio announced today that it has filed an application with the Public Utilities Commission of Ohio to extend its current rate stabilization plan an additional two years, through 2010. The proposal provides for continued electric system reliability and clear price signals for customers, while helping maintain a stable revenue stream for the company.
Under the proposed extension, residential customers would see an overall reduction in their bills effective January 2009, while non-residential customers would see a small increase. In 2009, residential customers would see a decrease of approximately 4 percent, while non-residential rates would increase by approximately 2 percent. In 2010, all customers would see an increase of 1 percent.
“This is another transitional step that provides customers with reliable electric service and stable prices so that they can better manage their energy budgets,” said Sandra Meyer, president of Duke Energy Ohio. “To provide long-term reliability, we believe Ohio needs additional solutions to encourage the construction or acquisition of new generating assets to meet Ohio’s growing demand for electric supply in an efficient and cost-effective manner.”
Under the proposal, Duke Energy Ohio would continue to commit its legacy unregulated Ohio generating assets to Ohio retail customers. Duke Energy Ohio would also increase the “price to compare” for generation service to reflect current market conditions and encourage further development of a competitive retail electric market.
The proposed extension would continue the current adjustments to track changes in the costs of coal and natural gas used to make electricity, purchased power, transmission service, environmental expenses, homeland security and taxes.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Duke Energy’s Ohio operations deliver safe, reliable and competitively priced electricity to more than 680,000 electric customers and natural gas service to 420,000 customers. A diverse fuel mix of nuclear, coal-fired, hydroelectric and combustion-turbine generation provides approximately 28,000 megawatts of regulated generating capacity. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.