Duke Energy and Progress Energy issue merger plan to NCUC
Duke Energy and Progress Energy have released a merger plan.
A merger plan has been issued by Duke Energy and Progress Energy.
This is the second such proposal unveiled by the groups and defines how the combination would deal with the US' Federal Energy Regulatory Commission's (FERC) concerns about the power the company would have in the Carolinas.
Merger and acquisition consultants may have helped with the formulation of the initiative, which Duke Energy chairman, president and chief executive officer Jim Rodgers said also deals with "the expectations of our state commissions to keep energy costs low".
The plan was filed with the North Carolina Utilities Commission (NCUC), which has 30 days to examine the document before handing it to the FERC.
It is hoped the join-up will "strike the right balance between the customer and shareholder benefits", Mr Rodgers added.
The Nuclear Regulatory Commission has already approved the transfer of control of Progress Energy's nuclear plants so this includes Duke Energy as part of the intended combination between the organisations.
Posted by David Gleck
Source: Progress Energy press release, February 23rd