Duke Energy and Progress Energy today asked federal regulators to conduct a fresh review of the companies' proposed merger, suggesting the regulators are applying standards so strict and unreasonable as to imperil utility mergers in general.
The two North Carolina power companies, which want to create the nation's largest electric utility, use such terms as "unrealistic" and "unprecedented" to characterize the Sept. 30 finding by the Federal Energy Regulatory Commission that the proposed Duke-Progress merger raises significant and severe monopoly concerns. ...
... today's filing by Charlotte-based Duke and Raleigh-based Progress suggests their proposed $26 billion merger is in deeper trouble than had been acknowledged. The tone of their filing suggests that Duke and Progress executives had expected a quick federal approval but instead were blindsided by the FERC's ruling. ...
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