(RALEIGH) -- Duke Energy reported a third quarter profit of $472 million. This is down 30 percent when compared to the third quarter last year. The charlotte-based utility reported sales were down and the company incurred larger-than-estimated costs for a new power plant in Indiana.

The Charlotte-based utility is increasing its adjusted diluted earnings guidance range for the year from $1.35 - $1.40 to $1.40 - $1.45 per share.

"The fourth quarter will require that we maintain our focus to complete our proposed merger with Progress Energy, work to resolve our rate cases in the Carolinas, and remain on track to complete major generation facilities at Cliffside in North Carolina and Edwardsport in Indiana by their 2012 deadlines," said James E. Rogers, chairman, president and chief executive officer.

Duke Energy is currently facing very critical feedback in public hearings in North Carolina. State regulators are conducting the hearing to gather public comments on a proposed Duke rate increase that would be its largest in about 20 years.