Duke Energy reaches settlement agreement with North Carolina Attorney General Dec. 3, 2012
CHARLOTTE, N.C. -
Duke Energy today announced that it has reached a settlement agreement with the North Carolina Attorney General.
The agreement resolves all issues related to the matters under review by the attorney general regarding Duke Energy’s change in president and chief executive officer following the close of the merger between Duke Energy Corp. and Progress Energy Inc. on July 2, 2012.
"Today’s actions by the North Carolina Utilities Commission (NCUC) and the Attorney General resolve these matters, and enable us to move forward in a constructive manner with officials in North Carolina," said Jim Rogers, chairman, president and CEO.
The following are some of the major details of the settlement:
- The Attorney General will not object to the settlement reached with the NCUC.
- The Attorney General preserves all rights in future Duke Energy rate cases in North Carolina.
- The Regulatory Policy and Operations Committee of the Duke Board of Directors will meet with the Attorney General periodically.
- Duke Energy will retain an independent entity to survey North Carolina customers about their satisfaction with their electric service and how it could be improved, and report the results to the Attorney General within one year.
- Duke Energy will retain an independent entity to survey its employees regarding merger integration and post–merger operations, and report the results to the Attorney General within two years.
- Duke Energy will designate a liaison in the company to communicate with the Attorney General on customer-related information.
- Duke Energy will pay $250,000 to the Attorney General’s office to defray fees and expenses related to the post-merger investigation.
About Duke Energy
Duke Energy is the largest electric power holding company in the United States with more than $100 billion in total assets. Its regulated utility operations serve approximately 7.1 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at: www.duke-energy.com.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "guidance," "outlook" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives; the impact of compliance with material restrictions or conditions imposed by regulators; and costs and effects of legal and administrative proceedings, settlements, investigations and claims.
Additional risks and uncertainties are identified and discussed in Progress Energy’s and Duke Energy’s reports filed with the SEC and available at the SEC’s website at http://www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Bob Drennan: 704-382-4070
Bill Currens: 704-382-1603