Dive Brief:

• The North Carolina Utilities Commission on Tuesday approved a 4.5% rate increase for Duke Energy Carolinas.
• The third increase for the utility since 2009 will go toward modernizing equipment and meeting environmental regulations, in part helping to retire and replace old units.
• The North Carolina Attorney General's Office may still appeal the rate hike, which should provide Duke with an additional $205 million.

Dive Insight:

The $205 million in additional funds that Duke will receive from this hike is a far cry from the $446 million that it wanted, but Duke claims the increase is needed. If the increase stands, Duke will have to wait two years before it comes back to request another one, the new order states.