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NC Regulators To Hear From Dumped Progress Energy CEO

North Carolina utilities regulators investigating whether they were misled before the merger between Progress Energy and Duke Energy creating the country's largest electric company have called the sacked CEO from Progress to testify.

The North Carolina Utilities Commission on Thursday ordered two more days of hearings. Former Progress Energy CEO Bill Johnson was called to testify next Thursday. The two companies said 18 months ago that Johnson would head Charlotte-based Duke Energy after it took over Raleigh-based Progress.

But hours after the deal was done, Johnson was out and former Duke Energy CEO Jim Rogers was back the top job.

Rogers testified under oath this week. He said directors told him they were disappointed in Johnson's authoritarian-seeming style, ongoing problems with Progress Energy's closed Crystal River nuclear plant in Florida, and Progress' financial performance.


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