Utilities Commission investigating Duke Progress merger – NBC 17
- July 6th, 2012
By Dane Huffman and Annette Newell
The N.C. Utilities Commission has decided to hold an investigation and hearing on Tuesday, looking at why Duke Energy decided to replace CEO Bill Johnson with Duke’s James Rogers.
Late Friday the commission ordered Rogers to appear at its hearing at 2 p.m. Tuesday, and provide testimony and answer questions.
The North Carolina Attorney General also said late Friday that his office is investigating why the Johnson, the CEO of Progress Energy, resigned shortly after Progress merged with Duke Energy Tuesday.
“Despite our objection, Duke Energy said it needed a rate increase in order to protect its credit,” Attorney General Roy Cooper said in a statement. “Now this significant management change within hours after the merger has put the company on credit watch, so we need to get to the bottom of this to make sure we protect consumers.”