News Flash: N.C. approves, with conditions, Duke/Progress merger

North Carolina regulators on June 29 approved, with conditions, the proposed merger of Duke Energy (NYSE:DUK) and Progress Energy (NYSE:PGN).

The decision comes weeks after FERC issued its conditional approval of the merger.

The North Carolina Utilities Commission (NCUC) said it agreed largely with the public staff’s recommendations and found that the merger’s projected benefits outweighed any anticipated costs and risks.

The merger guarantees at least $650m in fuel and fuel-related savings to be allocated among utility customers and is expected to produce operating efficiencies to be reflected in future rates, the NCUC said.

Among the “many conditions to protect consumers,” the NCUC said it is requiring the merged companies to commit $16.48m annually in community and charitable support during the first four years following the merger, as well as $10m in energy assistance for low-income customers, $5m for workforce development and $2m for NC Greenpower, a nonprofit that promotes renewable energy.

About Corina Rivera-Linares 3286 Articles
Corina Rivera-Linares was TransmissionHub’s chief editor until August 2021, as well as part of the team that established TransmissionHub in 2011. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial from 2005 to 2011. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines.