Business & Economy
6:35 am
Tue March 27, 2012

Duke-Progress File "Market Power" Plan

Duke and Progress Energy have filed an updated merger plan with federal regulators.  The companies filed a “market power” mitigation plan they hope will move the process along.

Leoneda Inge:  The “market power” mitigation plan would make it easier and less expensive for wholesale customers to purchase wholesale energy.   Duke and Progress are hoping the Federal Energy Regulatory Commission accepts the plan.  FERC was concerned the companies had not done enough to protect energy competition in the Carolinas.  Mike Hughes is a spokesman for Progress Energy.  He says everything should be in place for a July 1st merger date.

Mike Hughes:  Clearly the schedule will be dictated in large part by regulatory approvals. But we are also doing what we can do between the companies to ensure seamless transition when that time comes.

Final approval of the 26-billion dollar plan would make it the nation’s largest utility.