Duke Energy Corp. subsidiary Duke Energy Progress has filed for an increase in the fuel costs used to generate electricity used to power homes and business in South Carolina, which if approved would boost residential electric bills in South Carolina by an average of 8.3%, or $10.15 per month. The utility company said it made the filing with the Public Service Commission of South Carolina, as part of an annual adjustment of actual costs, and said it “makes not profit” from the fuel component of rates. Duke said if the proposal is approved, starting July 1, the typical residential customer using 1,000 kilowatt-hours (kWh) per month would see their bills increase to $133.01 from $122.86, and 8.3% increase, while commercial customers would see an average increase of 9.5% and industrial customers would see an increase of 12.1%. “The sharp increase in commodity prices contributed to a $32 million under-recovery across the prior year, as fuel prices climbed sharply right after the company’s annual filing,” Duke said. Duke Energy’s stock, which was little changed in morning trading, has rallied 12.1% over the past three months, while the SPDR Utilities Select Sector ETF has advanced 11.2% and the S&P 500 has gained 2.5%.
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