Duke Energy to lower electricity rates

Retail energy provider Duke Energy announced on Wednesday, August 1, that it plans to cut its electricity rates by almost 1 percent beginning September 1, the Triangle Business Journal reports.

According to the news source, the company made the announcement in a regulatory filing, and stated that the rate decreases will apply to both Duke Energy customers in North and South Carolina, as well as Progress Energy customers in these states. Both companies are regulated separately, despite the recent merger that brought both companies together.

Duke said it expects rates to fall by 85 cents on average, to about $105.15.

"Since the merger closed a month ago, we have been working to keep our commitment by immediately delivering savings to customers," said Keith Trent, executive vice president for regulated utilities. "We are scheduling and operating our generation plants as a combined fleet to obtain maximum efficiency, and using the expertise and best practices of the combined company to lower fuel costs for our customers."

The two companies stated they will provide annual updates of fuel-related savings they can pass onto their customers, which will result in lower monthly electricity bills.