Raleigh, NC -- North Carolina's utilities regulator is endorsing a settlement ending its investigation into whether Duke Energy misled officials before taking over its in-state rival.
The North Carolina Utilities Commission on Monday
decided the deal was best for the company and its investors, employees and customers.
The commission had the power to reverse or alter its earlier approval allowing the merger with Progress Energy to create the country's largest electric company.
A utilities commission attorney argued the settlement serves the public interest because it affirms the regulator's role over legal monopolies like Charlotte-based Duke Energy. The settlement also requires that Duke's shareholders bear the cost of the investigation and executive severance costs. Duke must come up with another $30 million for ratepayers and low-income assistance.
Statement from Attorney General Roy Cooper regarding his and the NC Utility Commission's settlements with Duke Energy:
"These settlements are positive for consumers and help to set right the problems surrounding the merger. As we continue our fight for lower rates in the Supreme Court and before the commission, these settlements will provide a framework for ensuring more complete and accurate information from Duke Energy in the future."