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Regulators order Duke, Progress to disclose deals

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North Carolina utilities regulators have ordered Duke Energy and Progress Energy to detail some of the deals they cut with major customers before their merger earlier this year.

The companies had argued that the information constitutes trade secrets. But the North Carolina Utilities Commission said Tuesday the deals have no commercial value, so disclosing them wouldn't give anyone else an economic advantage. The documents had been sought by several media outlets under public requests.

The commission said the utilities could redact some provisions that include proprietary information before releasing them. The companies have until Aug. 24 to file the records or appeal the ruling.

Days after approval by North Carolina regulators, Duke Energy and Progress Energy completed their merger in July, sealing a deal that created America's largest electric company. But hours after the deal was concluded, Duke Energy's board ousted the CEO it promised to keep throughout the 18-month process of combining North Carolina's two Fortune 500 energy companies.

Utilities regulators and North Carolina's attorney general have launched investigations that have included extensive demands of internal documents and communications. The commission, which is considering whether to alter its approval of the merger, has hired a former federal prosecutor to probe whether regulators were misled ahead of the acquisition.

The investigation could take a while. The last time the commission launched a similar probe, it hired outside auditors who took nine months to comb through Duke's books. They found Duke underreported profits by $124 million over three years. Duke paid $25 million in a settlement that included no admission of wrongdoing.

Duke Energy now has 7.1 million residential and business customers in North Carolina, South Carolina, Ohio, Kentucky, Indiana and Florida.

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  1. Socialized medicine works great for white people in Scandanavia. It works well in Costa Rica for a population that is partly white and partly mestizo. I don't really see Obamacare as something aimed against whites. I think that is a Republican canard designed to elicit support from white people for republican candidates who don't care about them any more than democrats care about the non-whites they pander to with their phony maneuvers. But what is different between Costa Rica nd the Scandanavian nations on one hand and the US on the other? SIZE. Maybe the US is just too damn big. Maybe it just needs to be divided into smaller self governing pieces like when the old Holy Roman Empire was dismantled. Maybe we are always trying the same set of solutions for different kinds of people as if we were all the same. Oh-- I know-- that is liberal dogma, that we are all the same. Which is the most idiotic American notion going right back to the propaganda of 1776. All men are different and their differences are myriad and that which is different is not equal. The state which pretends men are all the same is going to force men to be the same. That is what America does here, that is what we do in our stupid overseas wars, that is how we destroy true diversity and true difference, and we are all as different groups of folks, feeling the pains of how capitalism is grinding us down into equally insignificant proletarian microconsumers with no other identity whether we like it or not. And the Marxists had this much right about the War of Independence: it was fundamentally a war of capitalist against feudal systems. America has been about big money since day one and whatever gets in the way is crushed. Health care is just another market and Obamacare, to the extent that it Rationalizes and makes more uniform a market which should actually be really different in nature and delivery from place to place-- well that will serve the interests of the biggest capitalist stakeholders in health care which is not Walmart for Gosh Sakes it is the INSURANCE INDUSTRY. CUI BONO Obamacare? The insurance industry. So republicans drop the delusion pro capitalist scales from your eyes this has almost nothing to do with race or "socialism" it has to do mostly with what the INSURANCE INDUSTRY wants to have happen in order to make their lives and profits easier.

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  4. JK - I meant that the results don't ring true. I also questioned the 10-year-old study because so much in the "health care system" has changed since the study was made. Moreover, it was hard to get to any overall conclusion or observation with the article. But....don't be defensive given my comments; I still think you do the best job of any journalist in the area shedding light and insight on important health care issues.

  5. Probably a good idea he doesn't run. I for one do not want someone who lives in VIRGINIA to be the governor. He gave it some thought, but he likes Virginia too much. What a name I cannot say on this site! The way these people think and operate amuses me.

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