The NC Utilities Commission ended three days of hearings on Friday, July 20 but said they plan to continue their investigation into the Duke Energy Progess Energy Merger.
The NC Utilities Commission had called more Duke Energy and Progress Energy officials for questioning in the merger proceedings. On Thursday, July 13, the Commission ordered William D. Johnson and the four board members to testify on July 19 and 20. Among those called to testify are two Duke directors — Ann Maynard Gray and Michael Browning — and two former Progress directors, E. Marie McKee and James Hyler Jr.
Johnson, the former head of Progress Energy, had been to tapped to lead the combined Duke Energy but Duke's board of directors removed from him the top spot after the $18 billion merger had been approved. He was replaced by James E. Rogers, the Duke chief executive, who answered questions before the Commission on Tuesday, July 10.
Below are links to news stories on the proceedings.
WASHINGTON POST: North Carolina utilities regulators said Friday they will continue their investigation into whether they were intentionally misled by executives and directors assembling the country’s largest electric company.
NEW YORK TIMES: After four hours of testimony earlier this week about the dramatic boardroom coup at Duke Energy just hours after completing a $32 billion merger with Progress Energy, the head of North Carolina’s utilities commission hinted that there would be more hearings to come.
NEWS & OBSERVER: Media organizations on Thursday renewed their demand that the N.C. Utilities Commission release agreements Duke Energy and Progress Energy made with local power providers prior to a recent merger that created the largest utility company in the nation.