Duke Energy, Progress Energy secure FERC conditional merger orders
The companies have substantially completed their evaluation of the orders' conditions and expect to make a compliance filing with the FERC within 15 days, as requested by the FERC
Charlotte, N.C., June 11, 2012 — Duke Energy and Progress Energy consider the June 8 conditional orders by the Federal Energy Regulatory Commission (FERC) to be a positive development in enabling the companies to close their proposed merger by the targeted date of July 1.
The companies have substantially completed their evaluation of the orders' conditions and expect to make a compliance filing with the FERC within 15 days, as requested by the FERC. They will also work to secure final merger-related approvals from the North Carolina Utilities Commission and Public Service Commission of South Carolina as quickly as possible. The companies are continuing to target a July 1 closing date.
To date, the companies have received merger-related approvals from, or met the requirements of, the U.S. Department of Justice under the Hart-Scott-Rodino Act, U.S. Nuclear Regulatory Commission, Kentucky Public Service Commission, Federal Communications Commission, and the shareholders of both companies.
The NCUC is required to approve the merger and the joint dispatch agreement. The PSCSC must also approve the joint dispatch agreement. Both commissions are expected to determine their schedules for considering the merger-related dockets soon.
While the companies continue to target a July 1 closing date, the timing is dependent on receiving the remaining state regulatory approvals and submitting additional compliance filings with the FERC. In addition, the consummation of the merger is contingent on satisfying all the conditions to the merger according to the terms of the merger agreement.