make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

NC utility probe of Duke merger to detail CEO move


AP Business Writer

RALEIGH, NC (AP) -- Investors and consumers may get some explanation from Duke Energy's surprise CEO when he's grilled by North Carolina regulators who also review the company's rate increase requests.

The North Carolina Utilities Commission is investigating last week's takeover of Raleigh-based Progress Energy by Charlotte-based Duke Energy. The commission will hear Tuesday from Jim Rogers, the Duke CEO who wound up as the top executive of the largest American electric company.

Duke Energy has refused to explain the last-minute decision to reverse plans for Progress Energy CEO Bill Johnson to head the expanded company. Johnson's separation agreement gives him up to $10 million and requires both sides to keep quiet.

But legal proceedings are an exception to that agreement, meaning Rogers could reveal new details about what led to Johnson's departure.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.