( Cincinnati ) - Duke Energy says it's reached a settlement with the Public Utilities Commission of Ohio on its 2012 rate increase for elecricity.
Duke wanted to charge 5.1% more for electricity and 6.6% more for natural gas. It's been working with the PUCO ever since. On Tuesday, the utility announced a compromise of 2.9% for electric rates. Duke says the average customer's bill will go up $3.72 a month. The PUCO still has to agree to the settlement. If it does, the rate increase will likely take effect sometime in June.
Duke is working to make $500 million in infrastructure improvements, and it says it needs those higher rates to cover the cost.
The gas rate increase is still up in the air as lawsuits are pending over environmental issues.