Regulators deal an unexpected blow to proposed Duke/Progress merger |
Written by Mike Raley/David Horn
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Thursday, 15 December 2011 11:20 |
(RALEIGH) -- Federal regulators have pressed the pause button the the proposed merger of Duke Energy and Progress Energy. Regulators says the companies have not done enough to protect competition. A hearing is planned on Thursday in Washington, D.C.
Progress Energy spokesman Mike Hughes said they were surprised by the decision sent down late on Wednesday. "It is not what we were expecting, not consistent with the precedent that has been set over the years and so we are evaluating the order to make sure we understand it and to understand what the implications of it are for the schedule, for potential remedies," said Hughes.
Duke and Progress wanted to merger to be complete by the end of the year, but the action by the Federal Energy Regulatory Commission makes that nearly impossible. Some experts are question whether the merger will ever be able to move forward because the utilities could be forces to make changes that would make the combining of the companies an unattractive option.
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