Duke Energy reaches settlement agreement with North Carolina Attorney General
-- NCUC orally approves settlement today resolving same issues
CHARLOTTE, N.C., Dec. 3, 2012
CHARLOTTE, N.C., Dec. 3, 2012 /PRNewswire/ --Duke Energy (NYSE: DUK) today
announced that it has reached a settlement agreement with the North Carolina
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:
oThe Attorney General will not object to the settlement reached with the
oThe Attorney General preserves all rights in future Duke Energy rate cases
in North Carolina.
oThe Regulatory Policy and Operations Committee of the Duke Board of
Directors will meet with the Attorney General periodically.
oDuke 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
oDuke 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.
oDuke Energy will designate a liaison in the company to communicate with
the Attorney General on customer-related information.
oDuke 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
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 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.
MEDIA CONTACT: Tom Williams
Bob Drennan 704-382-4070
Bill Currens 704-382-1603
SOURCE Duke Energy
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