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NC utility seeking to lower electricity rates

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RALEIGH, N.C. -- A power company has asked state utility regulators for permission to lower rates for customers in North Carolina.

The News & Observer of Raleigh reported Saturday that Progress Energy wants to cut rates about 4 percent. That means the typical residential customer using 1,000 kilowatt hours would pay about $102 a month for electricity - a savings about of $4.

The Raleigh-based company said the rate cut is in response to lower costs of coal to fuel its generating plants.

It would be the second rate cut as a result of lower fuel costs and follows five years of rate increases because of higher costs.

If approved, the new rates would take effect Dec. 1.

Progress Energy serves about 3.1 million customers in the Carolinas and Florida.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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