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NC officials get details on Duke-Progress deal


RALEIGH, N.C. (AP) - The financial combination of Duke Energy and Progress Energy won't lead to too many changes for their North Carolina customers and regulators.

Representatives for Charlotte-based Duke and Raleigh-based Progress gave a presentation Monday to the North Carolina Utililties Commission soon after the companies announced Duke was buying Progress for more than $13 billion in stock. Fifty-four percent of the combined utility's 7 million customers are in North and South Carolina.

Progress Energy attorney John McArthur says Progress and Duke will still apply separately to the commission for electric rate changes. McArthur says Progress customers still will see the Progress name on their bills for the immediate future.

The combined company will be headquartered in Charlotte but keep significant operations in Raleigh.

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

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