WASHINGTON (dpa-AFX) - Piedmont Natural Gas Company, Inc., a wholly owned subsidiary of Duke Energy (DUK), on Monday reached a comprehensive agreement with consumer and industrial groups in North Carolina related to its rate review request, filed in April of this year.
Piedmont plans to implement the increase in November 2024. Piedmont also requested concurrent rate reductions for pass-through natural gas costs and to accelerate the flowback to customers of the remaining eligible balance of excess deferred income taxes, which will help mitigate the overall impact to customer bills.
The average residential customer in North Carolina will pay about $7.50 more per month, or $90 more per year.
The agreement is subject to the review and approval of the North Carolina Utilities Commission. If the agreement is approved, the net annual increase in revenues for Piedmont will be approximately $88 million, about 40% less than the $149 million.
The agreement was developed in collaboration with the Public Staff of the North Carolina Utilities Commission, which represents the interests of consumers, the Carolina Utility Customers Association, and the Carolina Industrial Group for Fair Utility Rates IV.
The agreement allows Piedmont Natural Gas a return on equity of 9.80%.
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