Progress Energy seeks approval for rate hike
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05/29/08 Mitch E. Perry
WMNF Drive-Time News Thursday | Listen to this entire show:

On Friday, St. Petersburg-based Progress Energy Florida is expected to ask state regulators to be allowed to increase power bills to make up for rising costs for oil and coal. Progress Energy is also paying more for electricity it buys from other utilities.

C.J. Drake is a spokesman for Progress Energy.

The Energy Department says power plants are paying 54 percent more for fuel oil, 33 percent more for natural gas and 6 percent more for coal, on a national level.

If the Public Service Commission grants permission to raise electricity rates to make up the difference for the amount that Progress is paying for higher costs, it will increase fuel bills – but Progress does not say by how much.

However, it will come in addition to a $9 monthly increase if Progress opts to go ahead and build two nuclear reactors in Levy County.

If Progress Energy gets approval from the PSC and they move forward, the first reactor would enter service in 2016, the second in 2017.

Progress says if customers want to learn how to save electricity and money, they should visit Savethewatts.com.

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