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Commission To Review Duke Energy Agreement

6:54 PM, Nov 29, 2012   |    comments
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Raleigh, NC -- Members of the NC Utilities Commission will review a settlement agreement with Duke Energy for the investigation regarding the termination of former Duke CEO William D. Johnson.

The settlement agreement was announced after 4:30 pm on Thursday; the agreement will be reviewed by the Commission on Monday, December 3. If approved, the agreement will make several changes to Duke's management.

Under the agreement, Duke will name a new General Counsel and a former Progress executive will be named as the Executive Vice-President for Regulated Utilities. Duke CEO, James E. Rogers, will retire on December 31, 2013 as previously planned in the merger with Progress. A new CEO will be appointed by a committee of previous Duke and Progress employees and one person unaffiliated with either company.

Customers in NC are guaranteed $25 million in fuel and fuel-related cost savings in addition to the $650 million Duke promised over the next five years. Another $5 million will go toward workforce development and low-income assistance for NC residents.

Duke has also agreed to keep at least 1,000 employees including the President of Duke Energy NC and Senior Vice-President of Carolinas Delivery Operations in Raleigh for a minimum of five years.

The NC Attorney General's Office is doing a separate investigation and said that they have not agreed to this settlement and will continue their investigation.

NC Dept. Of Commerce

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