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Groups challenge Duke-Progress Energy merger in NC

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RALEIGH, NC (AP) -- Some environmental groups have filed last-minute challenges to the proposed merger between Duke Energy and Progress Energy.

The News & Observer of Raleigh reported that groups making Thursday's deadline say the merger would be a bad deal for customers and the environment. The complaints were filed with the North Carolina Utilities Commission, which opens hearings on the merger Sept. 20.

Charlotte-based Duke and Raleigh-based Progress want to merge, creating the nation's largest utility.

Groups including the Sierra Club and Environmental Defense Fund say the merger would create a company that would dominate the state and crowd out competition from clean energy producers.

Progress spokesman Mike Hughes says the company has followed state policy to provide reliable service at the lowest possible cost.

The merger also faces federal review.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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Good luck, weirdos

As a shareholder I am 100% opposed to this merger. Unfortunately, I was in the minority. It's bad for Progress Employees (as we see in the earlier story about huge layoffs coming). It's also going to be bad for Progress shareholders, as Duke **WILL** cut that dividend within two years. They simply plan on taking over the cash cow....not to mention the fact that they're buying the company at a 3% premium, which is equivalent to a handful of magic beans.

So far, nothing has stopped this merger and I'm not sure anything will. They sent out a press release one week ago that details all the payoffs they agreed to to obtain the NC Public Staff's approval. The hearing on 20 September will be a short formality.

....but if your little whiney, nonsensical claims delay it even for a few months, more power to you.

There was a time when Duke was one of the best managed companies in the world, far more organized and better run that CP&L. Those days ended in the Nineties, when Duke decided that their future was as a go, go, go energy wholesaler rather than as a good ol' fashioned public utility. Enron, Dynegy, Reliant and Duke - the big four in energy wholesale. One is gone, three have languished in the doldrums since. Duke is still trying to recover from that expedition into idiocy, and they're planning on doing it on the backs of the Progress shareholders. This is a bad, bad merger for any Progress shareholder. Those of you who voted for it didn't see the big picture.

I agree completely. All you

I agree completely. All you have to do is "follow the money". This is all about power and greed. It's about turning the executives from millionaires to billionaires. It is creating yet another "too big to fail company" and laying off hundreds, if not thousands of employees. In an economy with a 9.1% unemployment percentage, this alone should be enough to stop it. This merger is not for the greater good, as they try to sell it, but lining the pockets of greedy executives. As I said, just follow the money.

As shown earlier, our bills

As shown earlier, our bills will rise when Duke Power takes over, why would anyone want this merger to go through except those who will profit from the additional cost, surly not individuals whose bills will go up that are struggling to make ends meet now. This must no happen, no merger. And by the way Progress Energy is the one calling it a merger, Duke Power says its a buy out, funny how the one being gobbled up sees it as a merger and the one doing the gobbling sees it as a buy out. Also be aware that progress Energy has already stated they will have to lay off 1000 employees if this 'merger / buy' out goes through, these people will have a hard enough time finding work much less paying more for electricity.