Duke Energy will be allowed to raise its electricity rates but by less than it originally proposed.
The Indiana Utility Regulatory Commission gave final approval to Duke Energy’s rate increase Wednesday to $395 million. Duke originally requested a $492 million increase in April last year.
Duke says it needs a rate increase for a modernized electric grid more resistant to power outages; to increase reliability at power plants; and to construct hundreds of miles of new power lines, among other reasons.
Read more: Duke says rate hike would pay for improvements, but some customers already struggling
Duke Energy serves nearly 900,000 customers in Indiana.
Duke Energy said in a statement that it is evaluating rate adjustments for different types of customers and expects the new rates will take effect in late February.
