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Associated Press

RALEIGH, NC (AP) — The investigations into whether regulators and consumers were misled ahead of the merger of North Carolina’s two Fortune 500 energy companies could continue quietly for months after a deadline arrives next week.

North Carolina utilities regulators and the state’s attorney general have demanded internal documents and other evidence by Aug. 7 involving Duke Energy Corp. and its surprise decision to change its top executive. That was a key detail of its takeover of Progress Energy Inc., and Duke Energy’s board of directors was discussing a change even as regulators considered approval.

The utilities commission plans to hire an outside law firm to review the documents to see whether it was misled when it approved the takeover June 29.

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 This material may not be published, broadcast, rewritten or redistributed.)

Comment on this Story

  • Guest7969

    OF COURSE you were misled..about a GREAT MANY THINGS (in my best Emperor Palpatine voice)

  • Commonsensenotcommontoday

    Lesson to be learned: Lying and deceit will get you in the end.

    The lawsuits are being filed, the PUC is so ticked off that Duke will be the red-headed stepchild for the next decade, and the stock’s price performance since the ol’ “switcheroo” proves that I was correct in dumping it when I did….and I’m still not convinced that dividend will stand for long.

    Here’s hoping that the shareholders fire every director who came from Duke at the next general meeting.

  • DUKemployeedr

    Dividend-Smividend! Good thing we still have you to pay our salaries. Thanks.

  • MrT

    The past president of Progress Energy testified that Progress was headed toward a deep hole and even had to force Duke to take the merger when Duke showed good reason to back away. What does the Energy Commission think they will do? I say nothing but drive up our costs for electricity.
    Nobody including the commission will tell Duke how they will run their business short of federal environmental issues. What can they do turn off the lights, apply penalties, spank the board? I say the Duke Energy Board of Directors could give a rats ass what the energy commission thinks or what they decide in the matter of how the merger has taken place.


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