SC, NC regulators OK Duke-Progress merger accord
Sep 6, 2011 10:27:00 AM - thestate.com
South Carolina regulators have approved a merger agreement for Duke Energy Corp. and Progress Energy Inc. as they create the nation's largest utility company.
The South Carolina Office of Regulatory Staff said Tuesday that Charlotte, N.C., -based Duke and Raleigh, N.C.,-based Progress promised the deal will save retail customers in South Carolina and North Carolina at least $650 million in the first five years of the merger.
The deal also protects South Carolina customers from spending that both companies are undertaking at a Florida nuclear power plant and an Indiana coal-fired plant.
North Carolina regulators have approved a similar arrangement.
The settlements advance a merger that still requires approval by public utility regulators in both states.
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