NC utilities probe of Duke Energy merger continues, 2 directors explain reasons for CEO switch – StarTribune

Response: Will Duke do what they want and then pass the cost on to the customers? Rocky Mount City Council and New Bern City Council tried to stop the merger while the others cities here in NC did nothing. It is a damn shame how cities sit back and do nothing but would have benefitted from the what Rocky Mount and New Bern was trying to do.

Well there is talk about rescinding the merger so therefore these cities may still benefit.

RALEIGH, N.C. – North Carolina utilities regulators said Friday they will continue their investigation into whether they were intentionally misled by executives and directors assembling the country’s largest electric company.

The North Carolina Utilities Commission ended three days of hearings Friday after testimony from two directors of Charlotte-based Duke Energy Corp, which finalized its takeover of Raleigh-based Progress Energy Inc. on July 2. (More)

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Duke and Progress Energy Merger 

Progress Energy CEO Bill Johnson Says Duke Board Gave “No Signals” On Coup 

Duke Energy Worker Slams Newspaper, Progress Energy Bill Johnson In Comments 

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Duke Energy’s Enron Connections Not Well Known 

Source Says Progress Energy CEO Didn’t Know About Duke Energy Shenanigans

Duke director: Friction led to Johnson’s ouster – News & Observer

Growing friction among executives and surprises about a Progress Energy nuclear plant led to the ouster of momentary Duke Energy CEO Bill Johnson after the companies merged, Duke’s lead director said in a statement Tuesday.

Ann Gray’s statement was filed with a Duke request to postpone the testimony of Gray and Duke director Michael Browning before the N.C. Utilities Commission, scheduled for Friday. (More)

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Duke & Progress Energy Merger

Duke Energy directors sued over executive shakeup – News & Observer

A Duke Energy shareholder has filed a lawsuit in Delaware’s Court of Chancery accusing 11 Duke board members of breaching their fiduciary duty in abruptly firing ex-Progress CEO Bill Johnson.

The lawsuit, filed by Lesley C. Rupp of Alabama, does not ask for a specific amount in damages. Rather, it seeks to have the defendants, which include Duke CEO Jim Rogers and 10 other board members who voted to replace Johnson, pay all damages sustained by their actions. (More)

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Duke & Progress Energy Merger

Board throws a curve ball into merger – Rocky Mount Telegram

City leaders in Rocky Mount and New Bern were notably skeptical about a utility merger that resulted in the biggest power company in the country. It appears now, they had good instincts.

In a remarkable turnaround, the merger between Duke Energy and Progress Energy erupted in a stunning change of leadership, just hours after the N.C. Utilities Commission approved the plan. (More)

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Duke & Progress Energy Merger

Progress Energy directors lauded Johnson’s style during Duke Merger – News & Observer

During the 18 months that Progress Energy and Duke Energy were waiting for regulatory approval for their $32 billion merger, one Progress director made a point of forwarding the board’s annual performance review of CEO Bill Johnson to a counterpart on the Duke board. (More)

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Duke & Progress Energy Merger

Duke Energy’s troubles far from done, analysts say – Rocky Mount Telegram

RALEIGH — Business experts who follow Duke Energy Corp. say the country’s biggest electric company has months of problems ahead after ousting the Progress Energy CEO who had been long been promised the job as chief of the post-merger giant. (More)

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Duke & Progress Energy Merger

NC Utilities Commission calls Ex-Progress CEO Johnson to testify

Ousted Duke Energy chief executive Bill Johnson will tell his side of the story next week as the N.C. Utilities Commission escalates its probe into his firing.

He is expected to counter charges that reinstated Duke CEO Jim Rogers made before the commission this week. Rogers testified that Johnson had lost the confidence of the Duke board because of his “autocratic” leadership style and the weak performance of Progress Energy’s nuclear plants. (More)

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Progress & Energy