Electricity rates might go down

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RALEIGH -- Some great headlines for budget-conscious physical phenomenon users: Progress Energy is expected to cut rates this year.

Next month, the Raleigh appetite association expects to ask the N.C. Utilities Commission to reduce rates to simulate the descending cost of spark and alternative fuels used in appetite plants. The rebate would go in to outcome Dec. 1.

Last week Progress asked regulators in South Carolina to cut residential rates 1.7 percent. The rebate would be $1.64 a month for a standard home that uses 1,000 kilowatt hours a month.

Progress uses the same appetite plants to beget physical phenomenon for the business in both Carolinas. The association expects to ask a identical diminution in this state but is still working out the expect figure, orator Mike Hughes said.

If the rebate in this state mirrors the companys ask in South Carolina, the standard residential check would dump from $106.30 a month to $104.49. That comes to scarcely $23 a year.

But the cut in this state could be as most as 5 percent, when one considers Progress" monthly fuel cost filings, pronounced James McLawhorn, executive of the electric multiplication for the Public Staff, the states consumer advocacy agency.

"I think people will notice it," McLawhorn said. "They"ll good from it for subsequent winter and the following summer."

Even as fuel costs are dropping, the companys cost for renewable appetite and appetite potency is rising.

To imitate with a 2007 state law that calls for a larger faith on immature energy, Progress has been shopping physical phenomenon from multiform industrial-scale solar appetite farms in the state. And it is profitable monetary incentives to business who buy energy-efficient appliances, pointer up for home appetite checkups and get their air ducts sealed.

But fuel costs are dropping at a faster clip, ensuing in an altogether rebate for customers.

In South Carolina, the rate cut would be 1.7 percent for residential customers, 2.6 percent for blurb business and 4.3 percent for industrial customers. Some industrial business compensate some-more than $1 million a month for power.

In December, Progress forsaken the rate for the initial time in North Carolina after five uninterrupted years of increases caused by rising fuel costs.

Electric utilities in this state can regulate their rates once a year to simulate vacillating fuel costs. State law allows utilities to pass on the cost of fuels to their business as prolonged as the companies come to terms the most appropriate rates for their business and dont make make use of fuel losses to progress their profit.

In an separate growth in Florida, the companys greatest make use of area, Progress on Monday voiced a due allotment with that states profession ubiquitous and state consumer disciple to freeze rates by 2012. Progress has 1.6 million business in Florida and 1.5 million in the Carolinas.

Thats a thespian about-face from the companys pull for a rate enlarge in Florida.

Last year, Florida regulators deserted the companys ask for a rate increase, and Progress asked for reconsideration. Progress officials and Wall Street analysts warned that the incapacity to lift rates would break the association financially and reduce the bonds investment grade.

Progress concluded to freeze rates in sell for being means to daub in to the $532 million debasement haven to financial operations. Florida had compulsory Progress to keep the haven to compensate the cost of dismantling old apparatus that is put out of use.

john.murawski or 919-829-8932

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