The NC Supreme Court is not as supreme as it thinks:
A year ago, the state Supreme Court struck down a rate increase that the state Utilities Commission awarded to Duke Energy Corp. and ordered the panel to reconsider the increase in light of its impact on consumers. Now, Cooper is appealing the same increase to the high court, arguing that the Utilities Commission ignored the ruling.
“The court has already ruled once that consumers must be taken into account when setting utility profits but it still hasn’t happened,” Cooper said in a statement. “Even when given a second chance to get it right, the commission didn’t really consider consumers and approved the exact same rate hike.”
And as long as we allow this flawed formula to continue, where a rule-making commission is tasked with being concerned about profits for wealthy shareholders, many of whom do not even live in North Carolina, the unfairness will be ever-present. Any other private industry would need to dip into profits or borrow to make infrastructure improvements, which would force them to calculate the true need and ROI for such, and Duke Energy should be no different.