Dive Summary:
- In a statement released by the North Carolina Department of Justice, Attorney General Roy Cooper and the North Carolina Utilities Commission have reached a settlement with Duke Energy over its merger with Progress Energy.
- As a result of the settlement, Duke Energy will remain the country's largest electric utility, CEO Jim Rogers has stepped down, Duke Energy must pay $30 million in low-income assistance and reshuffle management to advance former Progress Energy executives.
From the press release:
"... The settlement closes the Attorney General’s investigation into the circumstances surrounding the changes in governance after the merged Duke Energy and Progress Energy in July. It does not settle the ongoing rate case which the Attorney General is challenging in the North Carolina Supreme Court. It also preserves the Attorney General’s right to fully challenge all aspects of future rate cases.
The settlement helps to assure the state that the new utility will comply with state law regarding truthful information to the Utilities Commission, and its new governance structure will provide the Attorney General with accurate and complete information upon request, including new surveys of customers and employees."