ASHEVILLE, N.C. (AP) - The head of Duke Energy is telling southern governors that the days of cheap, plentiful energy will soon be behind them because power companies are upgrading plants and competition is heating up for increasingly scarce fuel.
Duke chairman James E. Rogers said Saturday that consumers can expect to see energy prices rise by 30 percent or more over the next decade. The sharp increase may be a shock following several decades of relatively stable prices.
Rogers spoke during the Southern Governors' Association meeting in Asheville.
Rogers says Duke Energy customers now spend an average of 1.9 percent of disposable income on electricity, a figure that is likely to jump. He says consumers will need to become better managers of their energy use if they hope to get costs back under control.
He says better conservation techniques and fuel efficiency technologies will be key to keeping energy affordable.
The Charlotte-based firm is one of the largest power companies in the United States.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
