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Posted on Tue, Jul. 15, 2003 | | |
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Duke has to explain excessive earnings to PSC Associated Press ROCK HILL, S.C. - Duke Power has one month to explain its excessive earnings to the state Public Service Commission. Following a routine review last week, the commission, which oversees the utilities in South Carolina, determined that Duke earned more in the 12-month period ending March 31 than the 12.25 percent rate set in 1991. The commission will ask company officials to explain the excessive earnings, said executive director Gary Walsh. Duke is expected to tell the commission that a very cold winter and cool spring helped drive up earnings, as well as increased sales of power to other utilities in North and South Carolina, said Tom Williams, company spokesman. The company exceeded its earnings cap in North Carolina for the same time period for the same reasons, Williams said. The cap on Duke's earnings rate in North Carolina is 12.5 percent, but the company reported 14.5. The company serves 1.7 million customers in North Carolina and 600,000 in South Carolina. Information from: The Herald | |||