South Carolina regulators to discuss Duke Energy's proposed US$13.7B acquisition of Progress Energy at Dec. 12 hearing, before U.S. regulators weigh in several days later
COLUMBIA, South Carolina
November 9, 2011
– South Carolina regulators will discuss Duke Energy Corp.'s proposed $13.7 billion purchase of Progress Energy Inc. at a hearing next month.
The state Public Service Commission decided last week to put the deal on the agenda for a meeting Dec. 12, although documents from the agency show commissioners aren't happy about considering the deal before federal regulators weigh in several days later.
Duke, based in Charlotte, N.C., agreed to buy Raleigh, N.C.-based rival Progress Energy in January. If completed, the deal would create the nation's largest utility, with 7.1 million customers in six states.
In the order setting the hearing date, commissioners say the utilities might have to come before the board again depending on what happens when the Federal Energy Regulatory Commission takes up the deal later in the month.
Duke and Progress hope to complete the buyout by the end of the year.
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