May 3, 2013

Update:  On May 1, 2013, the PUCO approved a joint stipulation that authorizes Duke to increase its electric distribution service rates by $49 million annually. This increase will provide Duke with a 9.84 percent return on equity.

Recall that Duke initially requested an increased amount of $86.6 million annually, however, after negotiations, Duke and signatory parties agreed to an increase of $49 million annually. As a result, the impact on electric distribution rates for manufacturers in Duke’s service territory is much less than it otherwise would have been. The OMAEG did not actively participate in this case because we do not have members in Duke’s territory and the PUCO Staff report did not raise significant issues. Therefore, the OMAEG did not sign the stipulation but did not oppose it either.