The NC Court of Appeals will hear oral arguments tomorrow in NC WARN’s challenge to a 2012 corporate merger that created the world’s largest electric utility.
The NC Court of Appeals is reviewing NC WARN’s case challenging a 2012 merger that created the nation’s largest electric utility.
State regulators yesterday made a strange ruling that, if upheld by the courts, would abolish part of an ongoing appeal of a 2012 merger that created the nation’s largest electric utility. Duke Energy is seeking to prevent NC WARN’s case from being heard by the NC Court of Appeals, and the state Utilities Commission is claiming it has the authority to govern what the court can hear.
Today NC WARN filed notice with the NC Court of Appeals that it is challenging the NC Utilities Commission’s approval of the merger between Duke Energy and Progress Energy, which created the largest US electric utility.
An April memo from ousted CEO Bill Johnson appears to confirm long-running concerns by a watchdog group that Duke Energy hid vital information from regulators in several states prior to the July closing of the utility’s controversial takeover of Progress Energy.
This would slash purported public savings, thus it bolsters the call for commission to reopen hearings and “do the math”
Duke Energy seems to believe it can simply avoid making a substantive argument against NC WARN’s motion to reopen evidentiary hearings based on the utility’s withholding of information in its merger with Progress Energy. Possibly Duke believes the NC Utilities Commission will simply defer to its corporate giant-ness as Florida commissioners did this week in their “welcome Mr. CEO” session with Jim Rogers.
Utility says regulators must delay action on re-opening merger hearings, while still avoiding key questions about billions in planned charges to customers
Duke claims it doesn’t have to reveal merger costs to the public; NC WARN argues nuclear fleet corrections dwarf public benefits and were key reasons in CEO firing
State regulators must reopen evidentiary hearings and require Duke Energy to prove why its already-sullied takeover of Progress Energy should not be revoked. Click here for news release and three legal motions.
Click here to listen to an audio recording of the press conference.
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