The drama of Bill Johnson’s 20-minute tenure as CEO of the new Duke Energy Corporation has consumed the members of the N.C. Utilities Commission, who are wondering if Duke hoodwinked them into approving its merger-acquisition of Raleigh-based Progress Energy.
Read more about NC WARN’s efforts to stop Duke Energy’s 2012 merger with Progress Energy.
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Under cover of a public storm involving a corporate merger scandal that has shaken the largest U.S. power company, Duke Energy last week withdrew a proposed program to refund to a select group of large customers nearly all of last fall’s controversial seven percent rate hike that was levied against all Duke Energy Carolinas customers.
$2 billion to be “poured” into nuclear fleet upgrades turns merger into a “public soaking” instead of a “public saving” – which violates the key legal standard of the merger.
Uranium producers should not expect initial core orders from post-merger Duke Energy for any of the six 1,150 MW reactors planned by pre-merger Duke and Progress Energy, for at least the next decade—if ever.
Duke Energy might spend billions in costs not disclosed in merger case; group says all documents must be submitted.
As the N.C. Utilities Commission’s investigation of Duke Energy enters its second week, the six political appointees who regulate the state’s electric utilities are expected to bring in outside investigators.
If Progress board members are correct that Bill Johnson performed well and with respect toward his employees (per today’s News & Observer story and earlier comments), it fortifies my belief that Crystal River was the main point of dispute that led to his firing.
Ousted Duke Energy chief executive Bill Johnson will tell his side of the story next week as the N.C. Utilities Commission escalates its probe into his firing.
There is a reason for all of the bluster in North Carolina over the ouster of Bill Johnson as CEO of newly combined Duke Energy and Progress Energy. The regulators are embarrassed for failing to do their job and properly examine the deal.