Duke Energy (NYSE:DUK) and Progress Energy (NYSE:PGN) said June 11 that they expect to make a compliance filing with FERC within 15 days following the commission’s conditional approval of their merger.
The companies, whose proposed merger is targeted to close July 1, also said they will work to secure final merger-related approvals from North Carolina and South Carolina state regulators as quickly as possible.
FERC on June 8 conditionally approved the merger, the companies’ joint dispatch agreement and joint open access transmission tariff, Duke Energy Chairman, President and CEO Jim Rogers said in the companies’ statements. “We will quickly complete the evaluation of the conditions in the orders while working to obtain the remaining regulatory approvals to close the merger on July 1,” he said.
Progress Energy Chairman, President and CEO Bill Johnson said in the statements that receiving FERC’s conditional orders “is a major milestone for this transaction.”
The companies said they have received merger-related approvals from, or met the requirements of, their shareholders, the U.S. Department of Justice, U.S. Nuclear Regulatory Commission, Kentucky Public Service Commission and Federal Communications Commission.
The North Carolina Utilities Commission is required to approve the merger and the joint dispatch agreement, the companies said, adding that the Public Service Commission of South Carolina must also approve the joint dispatch agreement.
The timing of the closing date depends on receiving the remaining state regulatory approvals and submitting additional compliance filings with FERC. The companies also said that consummation of the merger is contingent on satisfying all the conditions to the merger according to the merger agreement’s terms.