Progress Energy plans to cut rates for the second year in a row after five consecutive years of rate increases.
The Raleigh-based power company asked state regulators this afternoon for permission to lower rates to reflect the decreasing cost of coal and other fuels used in power plants.
The electric utility wants to cut rates about 4 percent, or $4.12 a month for a typical residential customer, which is defined as 1,000 kilowatt hours a month.
If the N.C. Utilities Commission approves the request, the rate change is effective Dec. 1.
