Duke to increase rates by 17.4%

Duke Energy - the electric utility monopoly for most of the area - has asked Kentucky regulators for yet another rate increase. This one will increase rates for residential customers by a whopping 17.4%.

It's almost a foregone conclusion that the rate hike will be rubber-stamped. When are rate increases ever not rubber-stamped?

Duke itself is lying about the increase. The company claims this is the first rate hike in 11 years. Wrong. They raised rates after the Blackout of 2008 to cover lost revenues from people not having electricity for days. In other words, they forced customers to pay for a product they didn't receive. Duke also claims that even with the latest rate hike, Duke's rates are still cheaper than the national average. That's another outright lie. Duke is one of the most expensive electric providers in America.

Maybe if the power didn't mysteriously go out all the time even in fine weather, more folks might be willing to tolerate paying such exorbitant electric rates.

There ought to be a law. In addition to the usual regulatory process, there should be a law that requires two-thirds approval of each house of the state legislature before electric utilities may raise rates. This would be a good law, but an even better plan would be - because most electric providers are monopolies - making these utilities publicly owned entities, as they already are in some American communities.