Facing South

INSTITUTE INDEX: Duke Energy's cold-hearted rate hike request

Percent of North Carolinians who lived in poverty in 2009: 16.3

In 2010: 17.5

Percent increase in North Carolina's overall poverty rate since 2007: 22

Percent by which North Carolina's median household income fell in 2010: 12.3

Percent of North Carolinians who experienced food hardship in 2010: 23

Amid this growing economic distress, percent by which Duke Energy recently proposed hiking residential electricity rates in North Carolina, largely to finance new fossil-fuel plants: 18.6

After public outcry over the size of the initial rate-hike proposal, percent increase now being sought by the company: 7.2

Date on which N.C. Attorney General Roy Cooper announced that his office would oppose even the smaller rate hike, saying that "now is not the time to get this money from consumers": 11/28/2011

Amount Duke Energy's proposed rate hike would add to the average annual residential power bill: $84

Amount that another Duke Energy rate hike approved by utility regulators earlier this year will add to the average annual residential bill: $60

Percent by which Duke Energy increased its rates in 2009: 7

Percent by which Duke Energy also wants to increase residential rates in South Carolina, another state hit hard by the Great Recession: 17

Profits earned by Duke Energy in 2010: $1,300,000,000

Percent increase that represents over 2009: 23

Federal income tax paid by Duke Energy in 2010: $0

Amount that Duke Energy actually got back from the IRS in 2010: $5,000,000
 
Duke Energy's effective federal tax rate for the period between 2008 and 2010: -3.9%

Date on which Duke Energy CEO Jim Rogers issued a statement supporting legislation sponsored by U.S. Sen. Kay Hagan (D-N.C.) that would allow corporations to bring home foreign profits at a dramatically discounted tax rate: 10/6/2011

Amount Duke Energy is holding overseas to avoid the current 35 percent corporate tax rate: $1,200,000,000

Amount Duke Energy's PAC has contributed to Hagan's campaign since the 2010 election: $10,000

Size of the compensation package received by Rogers in 2010: $8,800,000

Percent increase that represented in his compensation package over 2009: 27

(Click on figure to go to source. Photo of the Raging Grannies protesting Duke Energy's rate hike request outside the N.C. Utilities Commission hearing on Nov. 28 by Sue Sturgis.)

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Facing South
Facing South
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Duke Energy

I was sickened to learn of the excesses of Duke Energy! Thank you for learning these details and sharing them. They speak for themselves of the self-seeking of the company leaders, and of Kay Hagan. The data also reflects absolutely cold hearts towards the citizens for whom this company supplies energy. Electricity, tied in with our access to food, shelter, and water, is a basic need for every single person. For Duke Energy to pad its pockets on the backs of taxpayers, and those who don't have enough income to pay taxes, is pure greed.

I was proud of the colorful Raging Grannies and want to join them! How can I get on their mailing list?

Thank you for waking me up to this abuse of power!

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