Snow Hill NC: Utilities Commission to hold hearing on controversial rate increase – Kinston.com

Soon, Progress Energy Carolinas customers will be paying more for their electricity.

The electricity provider made the application to the N.C. Utilities Commission in late 2012, and the commission is in Snow Hill tonight to hear from the public on the matter.

But there’s an agreement on the major points of the decision. (More)

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Progress Energy

Duke Energy to seek new CEO to settle merger investigation – WRAL

Response: I guess thank you is in order for Rocky Mount and New Bern because they filed a lawsuit against the merger not one time but 3 times.

Raleigh, N.C. — Duke Energy Corp. and the staff of the North Carolina Utilities Commission have agreed to settle a state investigation into Duke’s ouster of its new chief executive immediately after its acquisition of Progress Energy Inc.

The settlement agreement, which will be presented Monday to the commission for its approval, also calls for added savings for electric customers and job commitments in Raleigh, which had been Progress’ headquarters. (More)

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Duke Energy

Compel Duke Energy to Justify Billions in Planned Rate Hikes, Watchdogs Urge Regulators in Merger Case – News Release from NC WARN – July 31st, 2012

Duke claims it doesn’t have to reveal merger costs to the public; NC WARN argues  nuclear fleet corrections dwarf public benefits and were key reasons in CEO firing

Durham, NC – Today NC WARN filed a motion urging the NC Utilities Commission to compel Duke Energy to justify plans to charge customers more than $2.2 billion for nuclear plant corrections over two years, an amount that dwarfs the alleged public savings in the utility’s contested takeover of Progress Energy. (More)

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Duke Energy & Progress Energy Merger

Fresh documents reveal more CEO machinations at Duke Energy

The N.C. Attorney General’s office on Wednesday released documents from Duke Energy that suggest that just months after the Progress-Duke merger was announced, Duke CEO Jim Rogers and Progress Energy CEO Bill Johnson were in tense discussions about Johnson’s future role with the utility.

Johnson was slated to become CEO of the combined company. Instead, he was fired the day the merger was completed. (More)

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Duke Energy & Progress Energy Merger

Regulators order Duke, Progress to disclose deals – Charlotte Observer

RALEIGH, N.C. North Carolina utilities regulators have ordered Duke Energy and Progress Energy to detail some of the deals they cut with major customers before their merger earlier this year.

The companies had argued that the information constitutes trade secrets. But the North Carolina Utilities Commission said Tuesday the deals have no commercial value, so disclosing them wouldn’t give anyone else an economic advantage. The documents had been sought by several media outlets under public requests. (More)

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Duke Energy & Progress Energy Merger

Rocky Mount fights Duke, Progress merger – The Rocky Mount Telegram

Rocky Mount is continuing its legal battle to fight the merger of Duke Energy and Progress Energy, a deal that created the nation’s largest electric utility.

The Federal Energy Regulatory Commission approved the merger in June. (More)

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Duke & Progress Energy Merger

Two quit Duke Energy board, say new CEO needed

Response: So when will they undo this merger? This is just too much. It appears the merger is based on lies.

Charlotte, N.C. — Two riled directors of America’s largest electric company resigned Friday, saying they were blindsided by a surprise management switch that has put pressure on Duke Energy Corp.’s credit rating and stock price.

John Baker II and Theresa Stone called on the remaining board of directors to start a search to replace Chief Executive Jim Rogers. Baker and Stone had been on Progress Energy Inc.’s board of directors and joined the Duke board when the companies merged July 2. (Read more)

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Duke & Progress Energy Merger

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 

Duke Energy Asks For Delay In Hearings At NC Public Utilities Commission 

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

Rogers blames ‘loss of confidence’ in ex-Progress Energy CEO – News & Observer

Response: I believe the merger needs to be rescinded and done all over again because this is some ignant mess. What a damn shame.

It is mess like this that tickles the hell out of me when folks talk about everyday folks trying to beat the system, that everyday people are lazy and more but deals like these don’t equate to the small amount of money that the everyday people may steal. Damn those at the top are some of the biggest thieves and underhanded folks there are.

RALEIGH — Duke Energy Chief Executive Jim Rogers on Tuesday bared the Charlotte-based power company’s decision to fire CEO Bill Johnson last week, laying the blame on the Progress chief’s “autocratic” style and the unacceptable performance of Progress Energy’s nuclear plants on his watch.

In an extraordinary four-hour public hearing before the N.C. Utilities Commission, Rogers also revealed to a testy commission that a trio of senior executives, who had come from Progress with Johnson, resigned in the wake of his ouster. (More)

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Progress & Energy