PUCO Affirms Duke Energy Ohio Rate Plan October 25, 2007
Duke Energy Ohio announced that the Public Utilities Commission of Ohio yesterday issued a ruling affirming the company’s rate stabilization plan, which had been remanded by the Ohio Supreme Court to the Commission for further consideration.
In its ruling, the PUCO upheld the rate plan with certain modifications and maintained the current price. The PUCO was instructed by the Ohio Supreme Court in November 2006 to develop a record of evidence supporting its original approval of the rate stabilization plan. In its order, the PUCO reviewed in detail the record developed in the filings and public hearings conducted as part of the case.
“This decision will provide customers more certainty about pricing for electricity and will shield them from the volatility in the market,” said Sandra Meyer, president of Duke Energy Ohio. “The Commission’s order is very detailed, and we are continuing our analysis of its impact.”
The ruling provides for continuation of rate components reflecting the costs of new pollution control equipment on Duke Energy Ohio generating stations and capacity costs associated with power purchase contracts to meet customer demand. The PUCO maintained the current price, but provided customers an enhanced opportunity to avoid certain pricing components if they are served by other generation suppliers.
Duke Energy’s Ohio operations deliver safe, reliable and competitively priced electricity to more than 680,000 electric customers and natural gas service to approximately 420,000 customers.
Duke Energy, one of the largest electric power companies in the United States, supplies and delivers energy to approximately 4 million U.S. customers. The company has nearly 37,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
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: www.duke-energy.com.