Duke Energy Announces Settlement with North Carolina AG
Duke Energy (NYSE: DUK) 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.
The following are some of the major details of the settlement:
o The Attorney General will not object to the settlement reached with the NCUC. o The Attorney General preserves all rights in future Duke Energy rate cases in North Carolina. o The Regulatory Policy and Operations Committee of the Duke Board of Directors will meet with the Attorney General periodically. o 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. o 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. o Duke Energy will designate a liaison in the company to communicate with the Attorney General on customer-related information. o Duke Energy will pay $250,000 to the Attorney General's office to defray fees and expenses related to the post-merger investigation.
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