Business & Economy
5:10 pm
Mon December 3, 2012

Utilities Commission Approves Settlement With Duke Energy

State regulators have accepted the terms of a settlement with Duke Energy over its merger with Progress Energy.

The utility commission's vote was unanimous on the agreement terms announced last week. Duke Energy will move ahead with changes that include Jim Rogers' retirement as C-E-O. He plans to spend another year running the company But spokesman Tom Williams says Rogers could step away sooner.

Tom Williams: "The board always has succession plans in place no matter what contingency..but we put it in a formal process to replace Jim. It could be as early as July. It could be as late as his scheduled time to leave at the end of next year."

Duke Energy is promising more in fuel savings for customers as part of the agreement. It will also maintain a workforce in Raleigh. State Attorney General Roy Cooper has also reached a deal to end his probe into the Duke Energy leadership controversy. But he reserves the right to legally challenge excessive rate increases.