Correction: Duke-Rate Increase story

Published on NewsOK Modified: September 13, 2013 at 12:04 pm •  Published: September 13, 2013

GREENVILLE, S.C. (AP) — In a story Sept. 11 about utility rates in South Carolina, The Associated Press reported erroneously the company given permission to raise its rates. Duke Energy Carolinas, which is a subsidiary of Duke Energy, has been given permission to raise its rates. A second subsidiary, Duke Energy Progress, serves customers in the eastern part of the state and was not affected by the increase.

A corrected version of the story is below:

Duke Energy Carolinas to raise power rates 10 percent in SC

Regulators give Duke Energy Carolinas permission to raise electric rates 10 percent in 2 years in SC

GREENVILLE, S.C. (AP) — Regulators have approved a rate increase of about 10 percent over the next two years for Duke Energy Carolinas customers in South Carolina.

The Public Service Commission says the utility's residential customers will see about a 7 percent increase starting later this month with an additional 3 percent increase in 2014.

Duke Energy Carolinas initially asked for a 15 percent increase, and the Office of Regulatory Staff countered by asking the commission to cut it in half. The 10 percent increase is a compromise.

Officials say the utility needs the additional money to recoup what it has already paid for new power plants and equipment to comply with regulations. Duke Energy Carolinas has 540,000 customers in South Carolina, mostly in the Upstate.