Dive Summary:

• The Public Service Commission of South Carolina has approved Duke Energy's rate increase of $118.6 million. 
• The rate increase will be implemented over two years, with residential customers seeing a 6.9% increase starting Sept. 18, 2013 and seeing another 3.3% increase starting Sept. 18, 2014. 
• The funds will help the utility recoup spending on new power plants and technology to reduce emissions. Duke initially requested an increase of $220 million, or 15.1%. 

From the article:

Duke had sought an 11.2% return initially. Opponents called for rates in the 9% range. The settlement approved by the commission calls for a 10.2% return on equity.

Duke agrees not to seek another rate increase for at least a year after the second phase goes in effect.