CHARLOTTE, N.C. - Paul Newton, president of Duke Energy North Carolina, issued the following statement in response to today's North Carolina Supreme Court ruling regarding a Duke Energy rate increase that was approved by the North Carolina Utilities Commission on Jan. 27, 2012 and that took effect on Feb. 1, 2012:
"Duke Energy obtained the Supreme Court order earlier this afternoon and our legal and regulatory teams are reviewing the court's decision. It is important to note that the order is limited to the Commission's consideration of the 'proper' Return on Equity. It does not require any changes to the current rates and rate structure approved by the Commission last year. We will continue to monitor the situation and provide any information required by the Commission or others."
"We continue to believe that the settlement agreement approved by the Commission authorizing a 10.5 percent ROE is fair and well-reasoned. We have no reason to believe that it will not ultimately be upheld."
Duke Energy Carolinas
Duke Energy Carolinas owns nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides approximately 20,000 megawatts of owned electric capacity to approximately 2.4 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.