Duke Energy removes political contributions from rate hike estimate

Duke Energy political contributions rate hike request Carolinas

Duke Energy Corp. (NYSE: DUK) said earlier this week that human error caused an accounting mistake resulting in an attempt to pass on $326,000 in political contributions to customers in a rate hike increase of more than $200 million a year, according to a report from the Associated Press.

The contributions to a clean-energy group and Republican Party organizations had been added to Duke Energy Carolina’s rate increase request for $205 million a year initially and increasing to $235 million a year after two years, the Associated Press reported. The rate increase is intended to pay for recovery of funds used for power plants on other capital improvements.

The rate increase request, which is the third for Duke Energy Carolinas since 2009, was initially for $446 million. That request was reduced in a settlement last month with the North Carolina Utilities Commission’s Public Staff, according to the report. Hearings for whether the rate increase would be allowed by the commission opened Monday.

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