SHOWTIME SAYS…
The proposed merger between Progress Energy and Duke Energy has once again been blocked federal regulators.
According to The Federal Energy Regulatory Commission the merger would create a monopoly in North Carolina.
This is the second time that the merger has been shot down by the feds. After the first attempt was blocked, the companies agreed to work out a deal that they felt would be better. Both companies involved agreed to limit their profit margin to 10% of wholesale power sales, but the FERC did not accept the offer.
According to the ruling the FERC felt that the proposal would have a negative impact on New Bern and Rocky Mount.
Due to the strict regulations that the FERC is placing on the two companies, it is possible that the merger will never happen.
