NC to review proposed Duke-Progress merger


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Submitted: Mon, 06/11/2012 - 5:23pm
Updated: Mon, 06/11/2012 - 5:24pm
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RALEIGH, NC (AP) — 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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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