GREENVILLE, S.C. (AP) -- Regulators have approved a rate increase of about 10 percent over the next two years for Duke Energy customers in South Carolina.

The Public Service Commission says Duke Energy's residential customers will see about a 7 percent increase starting later this month with an additional 3 percent increase in 2014.

Duke Energy initially asked for a 15 percent increase, and the Office of Regulatory Staff countered by asking the commission to cut it in half. The 10 percent increase is a compromise.

Officials say the utility needs the additional money to recoup what it has already paid for new power plants and equipment to comply with regulations. Duke Energy has 540,000 customers in South Carolina, mostly in the Upstate.

Read or Share this story: