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UGI Electric will hike rates in 33 county municipalities

UGI Electric residential customers across the state – including those in 33 Luzerne County municipalities – will see a slight increase on their bills starting next month.

The Pennsylvania Public Utility Commission on Thursday, by a 5-0 vote, approved default service rates for the electric provider.

UGI’s generation supply service rate (GSSR) for residential customers only will be $.09330 per kWh, an increase of $.00041 (.44 percent) per kWh, according to the PUC. The monthly bill for the average residential customer using 500 kWh per month will increase 20 cents per month, from $46.45 to $46.65. The new rate goes into effect March 1.

Municipalities include the county’s West Side boroughs from West Wyoming to Edwardsville, the Back Mountain, the greater Nanticoke, Hanover and Shickshinny areas.

P&G prices will increase

Procter & Gamble says it will raise prices to cope with a run up in commodity costs and turmoil in the Middle East.

The maker of Tide, Pampers and other consumer products with a plant in Mehoopany would not disclose the size of the increases but said it will release more details in the coming months.

A number of food and consumer product companies are raising prices to cope with higher costs for aluminum, cotton and other key ingredients in their products.

Procter & Gamble has already raised some prices, but the company said Thursday that it is facing at least $1 billion in increased commodity costs this year.

GM posts profit in 2010

In an impressive comeback from bankruptcy, General Motors last year posted its first annual profit since 2004, putting the company on pace to repay more of the taxpayer bailout and even recapture the title of No. 1 global automaker this year.

The company’s net income was an impressive $4.7 billion in 2010, fueled by strong sales in China and the U.S. as the global auto market began to recover. Still, it now faces a challenging 2011 with an aging U.S. model lineup, rising gas prices that could cut into truck sales and a European unit that must be restructured to turn a profit.

Target reports sales gain

Target Corp. reported a 10 percent gain in fourth-quarter profit, boosted by an improving credit card business and solid holiday sales.

Total revenue rose 2.4 percent to $20.66 billion. Target, based in Minneapolis, had struggled with weak sales during the early part of the recession but has seen a rebound since 2009. The retailer’s expanded food selection has helped bring in more customers.

The company’s business is also benefiting from a discount offer, launched last October, that gives a 5 percent discount for shoppers paying with the company’s branded credit card or debit card.

Target said that during the latest quarter the average customer’s purchase rose only 0.8 percent but more customers came into its stores, fueling a 1.6 percent increase in transactions. Selling price per item fell 2.7 percent.