North Carolina Sets June 25 Hearing on Duke-Progress Deal

The North Carolina Utilities Commission will hold a June 25 hearing on Duke Energy Corp. (DUK)’s proposed $17.9 billion takeover of Progress Energy Inc. (PGN)

The hearing will allow NC Warn, an advocacy group, to cross-examine company and regulatory staff witnesses, according to an order issued by the commission today. The commission rejected a request by NC Warn to present more testimony and evidence and receive additional testimony.

The merger plan won approval from the Federal Energy Regulatory Commission on June 8. The companies have said they plan to complete the takeover by July 1.

Duke is still working to meet the scheduled deadline, Tom Williams, spokesman for Duke, said in a telephone interview.

“We think the hearing will go well, and we will be able to respond adequately to any concerns raised,” Williams said.

The deal would create the largest U.S. utility owner.

To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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