Info
dukeprogress.JPG Submitted by WWAY on Wed, 05/09/2012 - 7:54am.

RALEIGH, NC (AP) -- Progress Energy and Duke Energy have agreed not to ask customers to pay millions of dollars in severance costs of employees who could be laid off as part of their merger. The utilities' decision not to pass along up to $230 million in costs was part of updated paperwork filed Tuesday with the North Carolina Utilities Commission. The companies promised to reduce retail rates by $70 million and swallow any costs for severance pay. The deal would make the combined company the nation's largest utility. The Federal Energy Regulatory Commission has twice rejected the merger on grounds that it would create a monopoly that could manipulate regional wholesale electricity prices. The combined company would serve 7 million customers in the Carolinas, Florida, Indiana, Ohio and Kentucky. (Copyright 2012 by The Associated Press. All Rights Reserved.)

Full Story »
The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

More information about formatting options

To prevent automated spam submissions leave this field empty.
CAPTCHA
Please re-enter the code shown in the image below.

Reply