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CHARLOTTE -- Duke Energy wants regulators in North and South Carolina to pass on some savings from its merger with Progress Energy to customers. Wednesday, the utility asked to reduce electricity rates by almost $90 million.

The reduction would save North Carolina customers 92 cents a month. Customers in South Carolina will save 81 cents starting in September.

Duke Energy promised $650 million in merger related savings over five years. Duke and Progress will continue to operate as separate divisions under Duke ownership...

However, any savings may be short lived.

Both divisions eventually want to increase rates to recover costs of investments in power generation and transmission. Duke and Progress will continue to operate as separate divisions under Duke ownership.

If approved by the NC Utilities Commission, the rate cuts would take effect Sept. 1.