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Thousands of Duke Energy customers will see higher energy prices

INDIANAPOLIS (WISH) – Duke Energy got the go-ahead to modernize its energy grid in Indiana, but that means higher energy prices for consumers.

The 800,000 Duke Energy customers in Indiana will see their electrical bills rise over the next five years to pay for the more than $1 billion in upgrades to the company’s statewide energy grid.

The Indiana Utility Regulatory Commission approved the company’s settlement with several consumer groups over how to pay for improvements for substations, utility poles, power lines and transformers.

Customers will see a gradual rate increase of .75 percent per year through 2022.

In other business news, gas prices are falling as we head into the 4th of July weekend.

Gas Buddy says prices may have peaked in June.

They are expected to keep falling through 2016.

The average gas price in Indiana is $2.28, according to AAA.

For more business headlines, watch Jane King on Daybreak every weekday morning.