State Reviewing Proposed Duke-Progress Energy Merger

North Carolina officials expect to lay out a schedule for their consideration of Duke Energy's proposed takeover of Progress Energy.

A North Carolina Utilities Commission spokesman says the agency will release a preliminary schedule Monday or Tuesday.

The $13.7 billion merger would create the nation's largest electric utility and service 7 million customers in the Carolinas, Florida, Indiana, Ohio and Kentucky.
The merger received approval from federal regulators Friday after more than a year of considering competition concerns. The Federal Energy Regulatory Commission twice rejected the merger because of concerns it would reduce competition for wholesale electricity in the Carolinas.

The merger still needs North Carolina's blessing, as well as approval from the Public Service Commission of South Carolina. The companies want to close the deal by July 1.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 158454995 -
Gray Television, Inc.