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Progress Energy asks for 4 percent rate hike in NC

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RALEIGH, NC (AP) -- Progress Energy Carolinas is asking for a nearly four-percent rate increase for its North Carolina customers to help pay for higher fuel costs to generate power and the utility's investment in energy efficient and renewable energy programs.

The utility announced the proposed 3.8 percent rate increase Friday. If approved by the North Carolina Utilities Commission, the new rates would go into effect Dec. 1.

The rate hike would increase the bill of a homeowner who uses 1,000 kilowatt-hours of electricity by $3.87 to just over $106.

Progress is asking for an average 4.4 percent rate increase for commercial customers and a 5.8 percent increase for industries.

The utility has about 1.3 million customers in North Carolina.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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Get used to it...and more!

This is like a broken record. Oil prices go up, so does everything associated with it. It a very simple formula. ANYTHING associated with energy derived from fossil fuels follow the baseline cost.

How does the average American get to work? A gasoline fueled vehicle.
How does that vehicle get delivered to the US? A diesel powered ship
How does your food and clothing get distributed to the vendors? A Diesel powered truck.
What keeps your internal combustion engine from locking up? OIL
How do you get your clothing from China? Another diesel powered ship.
How do you get from east coast to west coast in less than 3 days? A refined-kerosene fueled jet.

No matter what you get or where you get it from, petroleum based fuel is the carrier and the world is hungry for it. These costs get passed down to the consumer so that profits aren't killed.

Here is the shocker! When everything raises price due to fuel based increases (food, clothing, consumer energy, tires, manufacturing costs, etc., etc.) These costs ARE NOT figured into inflation figures. This as another smoke and mirrors number that has no reality.

What ????

I don't like the direction all of this is taking. We need a new President folks.

Progress Energy Rate Hike Request

Just a few days ago, Progress Energy insured its customers that its conversion to natural gas would not result in higher prices for electricity. Of course, that is incorrect, as natural gas, although cleaner, is much more expensive than coal.

Really

Maybe they should actually trim some of the wages that are being payed to those up the ladder---you know who you are- seems like it might happen to our men and women of our armed forces. If money is tight, which I find hard to believe, then that's what ought happen instead of raising rates to satisfy shareholders......................

Ever wonder how long your service would be good....

...if those shareholders dumped Progress and put their money into any one of the other high dividend-paying utilities?

That's what people seem to forget. Utility dividends are just as important to millions of investors as rates are to you. Little old ladies count on that check every three months to buy groceries. Union pension funds and many mutual funds get a bump every three months when that immense check comes in. Kids going to college can buy textbooks or enjoy a weekend away from school because their grandfather left them a few hundred shares.

I receive a check for $1240 every three months from Progress. That's not a fortune, but guess what - that gets invested in other businesses, and that's what provides capital to make this economy grow.

Let them cut that dividend, let them fail to make their earnings projections, and it can cost you dearly when your electric service becomes unreliable because they can't increase capacity or perform adequate maintenance. It would take me about five minutes to dump PGN and invest in another source of income.

They have to present their argument to the PUC. Unless there is a legitimate justification, the PUC will reduce the increase or reject any increase. If they approve it, then the rate increase is justified. If it's justified, where's your beef?

It really IS that simple.

Meanwhile, don't discount the importance of shareholders. We keep your lights on.

Amen

and the irony is that anyone who is posting on this piece, and has a mutual fund investment, likely does not know if Progress Energy is a part of that fund.

What's next? Let her Majesty develop a special dividend tax so another entitlement program can be funded or teachers can get another perk?

We built our strength as a Nation on Capitalism. Capitalism is based on the premise that investors invest in businesses in order to build a profitable concern which will yield profits or dividends.

Go to a Marxist country if you have a problem with Capitalism.

Rate Hike!!!!

Let us take a close look.
Gas is up 250%. CFPUA just increased their rates again!!! Progress Energy wants a 4% rate hike. Food costs are up.

I certainly did not get a hike in my pay over the past few years.
Where in the hell am I supposed to get the money to give all these idiots the RATE HIKES!!!!!

Oh! yeah just wait in line an get some Obama cash. This will cause rate hikes, less work, rate hikes, no jobs.....

SIMPLE

taxpayer answer...HE!! NO! HOWEVER, based on what I have seen in this state with this...you can always BUY the rate increase...