With conditions that Duke Energy and Progress Energy are widely expected to accept, the Federal Energy Regulatory Commission has approved a merger that would create the largest utility company in the U.S.
The decision Friday leaves Duke and Progress short only the approval of state regulators in North Carolina and South Carolina. The companies wanted to merge in December. After regulatory delays, they had asked FERC to rule by July 1.
"The state commission is a wild card in the pending merger that has dragged out for 18 months of filings, protests and reviews. The N.C. commissioners would issue a ruling on the $26 billion utility merger within weeks – if they play by rules requested by the merger participants," the News & Observer reported in Raleigh, N.C.
