Duke Energy announced its first in a series of rate cuts.
Leoneda Inge: Duke Energy and Progress Energy promised if the companies were allowed to merge they would implement millions of dollars in utility rate cuts one month after the merger was approved. The first round of cuts comes to about 89-million dollars.
Inge: Yeah, I was just about to say, it’s about a dollar a month, hugh?
Tom Williams: It’s about a dollar month, but you know we have just begun this process
Tom Williams is a spokesman for Duke Energy. He says they are able to make cuts equating to a dollar a month per customer because the newly merged company can demand fuel at a discount. The merger agreement says customers can expect 650-million dollars in rate cuts over the next five years. The utilities commission still has to approve the cuts.