Rochester,NY 7/10/2009 2:25:58 AM
Afternoon Report - DUK - Duke gets approval for Ohio rate hike - Sourced WhisperFromWallStreet.com
Duke Energy Corporation
Afternoon Report - DUK - Duke gets approval for Ohio rate hike - Sourced WhisperFromWallStreet.com
Duke Energy Corporation,DUK
Duke Energy Corp. says the Public Utilities Commission of Ohio has approved a settlement that will restructure electric rates for Duke’s customers in that state.
Under the agreement, the base cost for power distribution will rise by 3 percent of residential customers’ total annual bill.
As part of the settlement, Duke reduced the revenue increase it had sought by 35 percent, to $55.3 million from $85.6 million.
Duke also will provide up to $40,000 per month for low-income households that are having trouble making utility payments.
Charlotte-based Duke (NYSE:DUK) includes the former Cincinnati Gas & Electric Co., Union Light, Heat and Power in Kentucky, and PSI Energy in Indiana. The company also operates Duke Energy Carolinas.
Last Trade: 14.26
Day's Range: 14.10 - 14.37
52wk Range: 11.72 - 19.10
Volume: 4,833,964
ABOUT Duke Energy Corporation
Duke Energy Corporation operates as an energy company in the Americas. The company has approximately 35,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. It also has approximately 4,000 megawatts of electric generation in Latin America. The company?s U.S. Franchised Electric and Gas segment generates, transmits, distributes, and sells electricity in central and western North Carolina, western South Carolina, southwestern Ohio, Indiana, and northern Kentucky; and transports and sells natural gas in southwestern Ohio and northern Kentucky. This segment supplies electric service to approximately 4 million residential, commercial, and industrial customers with approximately 150,900 miles of distribution lines and a 20,900 mile transmission system. Its Commercial Power segment offers onsite energy solutions and utility services. This segment owns, operates, and manages power plants; and engages in the wholesale marketing and procurement of electric power, fuel, and emission allowances related to plants. It also develops and implements customized energy solutions. The company?s International Energy segment operates and manages power generation facilities, and sells and markets electric power and natural gas outside the United States. This segment serves retail distributors, electric utilities, independent power producers, marketers, and industrial/commercial companies. Duke Energy, through its 50% interest in Crescent Resources, LLC, develops and manages commercial, residential, and multi-family real estate projects, as well as manages land holdings in the U.S. It also develops, owns, and operates a fiber optic communications network, primarily in the Carolinas, serving wireless, local, and long-distance communications companies, as well as Internet service providers, and other businesses and organizations. The company was founded in 1916 and is based in Charlotte, North Carolina.
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