NCUC sets July hearing to consider Duke’s purchase of Piedmont

The North Carolina Utilities Commission (NCUC) has scheduled a July 18 hearing to consider the Duke Energy (NYSE:DUK) purchase of Piedmont Natural Gas (NYSE:PNY).

Meanwhile Virginia-based Dominion (NYSE:D) and Questar (NYSE:STR) said March 3 that they have jointly filed merger applications with the Public Service Commission of Utah and the Wyoming Public Service Commission regarding their pending combination that was announced on Feb. 1. The companies also provided notice of the proposed transaction to the Idaho Public Utilities Commission.

The Federal Trade Commission has granted early termination of the 30-day waiting period for Dominion and Questar under the federal Hart-Scott-Rodino Antitrust Improvements Act. Rockies-based integrated natural gas company operating

As for the North Carolina proceedings on Piedmont, any petitions to intervene in the proceeding should be filed no later than May 27. The rebuttal testimony of the applicants must be filed no later than July 1, according to the NCUC order.

Both Duke Energy and Piedmont Natural Gas are based in Charlotte, N.C.

Duke Energy and Piedmont Natural Gas filed their application with the NCUC on Jan. 15. The proposed transaction will occur at the holding company level, with Duke acquiring all of the issued and outstanding common stock of Piedmont.

Each share of Piedmont’s common stock will be converted into the right to receive $60 in cash, without interest and less any applicable withholding taxes. Under the proposal, Piedmont will become a direct, wholly-owned subsidiary of Duke.

The Federal Trade Commission (FTC) signed off on the Duke-Piedmont transaction in December 2015.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.