Duke-Progress merger looking good to go
04 October 2011
The US Federal Energy Regulatory Commission (FERC) has conditionally authorized the proposed merger of Duke Energy and Progress Energy to create the largest utility, with the largest regulated nuclear fleet, in the USA. The commission's approval is subject to the two companies' putting in place acceptable mitigation measures to ensure that the merged company does not adversely affect regional power market competition. In a joint statement, Duke CEO Jim Rogers and Progress CEO Bill Johnson said they were confident that they would meet the standards required by FERC and were still working to complete the merger by the end of 2011. The companies plan to file detailed mitigation measures with FERC within two weeks. The merger still requires regulatory approvals from local and national regulatory bodies, including filings with the Nuclear Regulatory Commission (NRC) relating to plant licence transfers. Between them, the companies currently operate 12 nuclear reactors and have lodged construction and operating licence applications with NRC for six new units.