U.S. Markets closed

NC high court hears AG Duke Energy rate challenge

Emery p. Dalesio, AP Business Writer

RALEIGH, N.C. (AP) -- North Carolina's attorney general wants the state's highest court to reverse a decision giving Duke Energy Corp. permission to raise electricity prices by 7 percent and lock in a 10 percent profit.

Attorney General Roy Cooper said Monday that it's wrong that the state Utilities Commission allowed the nation's largest electric utility double-digit profits when families and small businesses are struggling.

Lawyers for Cooper's office will appear before the state Supreme Court on Tuesday in a case challenging Duke's rate increase.

Duke Energy says it's up to the regulator of the state's regional electric monopolies and not to the courts to decide what is fair both to consumers and the company.

The Charlotte-based company said Monday it works hard to keep costs low.