Duke Energy receives approval for new rates in N.C.

RALEIGH, N.C. (AP) — The General Assembly has finalized legislation that would let utilities like Duke Energy issue bonds to pay for storm recovery costs in North Carolina. But an idea the company also lobbied for so it could seek multiyear rates from regulators ultimately got left out.

The Senate voted unanimously for a scaled-back measure on Wednesday, one day after the House voted the same way. The bill now heads to Gov. Roy Cooper’s desk.

A previously negotiated version of the bill would have allowed power companies like Duke Energy to seek a key component of electricity rates for up to three years from the state Utilities Commission. But the House was divided on the multiyear rate option, and Cooper had signaled he’d veto the bill if the provision remained.

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