Duke Energy CEO looks to "pay-as-you-go" construction for large power projects

Duke Energy CEO Lynn Good pay-as-you-go construction large power construction projects Progress Energy

Newly-hired Duke Energy (NYSE: DUK) CEO Lynn Good has expressed a desire to change how the utility is regulated in North Carolina and Florida to enable it to pass along the cost of large power plants to customers a little at a time, according to a report from the Associated Press.

Currently, North Carolina and Florida require the utility to build a power plant and then show regulators the cost and justify rate increases where the cost of construction is passed along to customers, according to the report. South Carolina, however, allows a utility to begin passing along the costs on a “pay-as-you-go” method while construction is still ongoing.

Although Good did not speak to the Associated Press on the topic, spokesman Tom Williams said the company has not made any specific proposals and is still in the early stages of looking at the topic.

Good has identified fully integrating the operations of Duke Energy and Progress Energy as her first priority, according to the report.

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