Federal regulators have delayed the proposed merger of Duke Energy and Progress Energy. They say the $35 billion deal would hurt competition.
Progress serves more than 104,000 homes and businesses in the east. In September, federal regulators suggested the companies change their agreement and take steps such as selling power plants. Duke and Progress returned with a plan last month to sell excess electricity at a fixed rate to wholesale buyers in their Carolina territories, but the federal regulators decided Wednesday night that's not enough. New Bern Mayor Lee Bettis, who has been outspoken about putting a stop to this proposed merger, says this is a win for New Bern and Eastern Carolina.
"I couldn't be a happier that after a year-long fight that we stopped these guys dead in their tracks and they're going to have to come to us and act reasonably now for a resolution," said Bettis.
The federal energy regulatory commission's ruling is not final and could be reviewed if the companies make changes.