Duke Energy N.C. President Paul Newton acknowledged errors Monday afternoon in his testimony as the utility?s first witness.
Duke Energy Carolinas has acknowledged that it mistakenly counted $450,000 in political and interest-group contributions in the Carolinas as charges that could be passed on to customers in its proposed rate hike.
The incorrect charges to the customers were first flagged by a witness for watchdog group NC WARN. The group has challenged millions of dollars worth of charges the utility ? part of Charlotte-based Duke Energy Corp. (NYSE:DUK) ? seeks to make part of its rate base in hearings that started Monday before the N.C. Utilities Commisison.
The company says it has reduced its expense claim in North Carolinas by $326,000, North Carolina?s share of the $450,000, to correct for the error.
Duke N.C. President Paul Newton apologized the problem Monday afternoon in his testimony as Duke?s first witness.
?We understand how important it is that the commission and the participants in the rate proceeding to have confidence in our filing,? he said. ?To that end, the company will be undertaking a root cause analysis and developing a corrective action plan ... to ensure that this does not occur in the future.?
Duke has agreed to reduce its initial 9.7% rate hike request to a 5.1% hike spaced out over three years as part of a settlement with the state?s customer advocate, the Public Staff of the N.C. Utilities Commission.
The hearings opened at 1:30 p.m. with an overflow crowd leaving dozens of opponents to the rate hike unable to get into the hearing room. The maximum occupancy for the room is about 80, beyond the commission members and the lawyers at the front of the room. Fire marshals enforced the limit, drawing objections from the opponents.
John Downey covers the energy industry and public companies for the Charlotte Business Journal.
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