IBJNews

Regulators order Duke, Progress to disclose deals

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

ADVERTISEMENT