(CHARLOTTE) -- Duke Energy and Progress Energy plans to respond within two weeks to conditions set forth by the Federal Energy Regulatory Commission associated with the proposed merger of the two companies. The FERC conditionally authorized the proposed merger of the utility companies subject to Duke and Progress addressing concerns that the combined company could have an adverse effect on competition in the Carolinas.

In  the order issued on Friday, the FERC gave Duke and Progress 60 days to respond to concerns about market power in the Carolinas. "We are still working toward closing the merger by year's end," said Duke Energy Chairman, President and CEO Jim Rogers, and Progress Energy Chairman, President and CEO Bill Johnson in a joint statement. "We believe our proposed merger will provide significant customer benefits and protections, and we are confident that we will meet the FERC's standards for approval."
 
The merger would create the nation's largest electric utility. The combined company is expected to have more than 7.1 million electric customers in six states, including North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky.