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By Troutman Sanders LLP
On May 8, 2012, Duke Energy Corp. ("Duke") and Progress Energy, Inc. ("Progress") (collectively, "Applicants") entered into a supplemental merger settlement agreement with the North Carolina Utilities Commission ("NCUC") Public Staff. The settlement was filed with the NCUC. The supplemental settlement is intended to address state regulatory impacts of the market power mitigation proposal that the Applicants filed with FERC on March 26, 2012 (see April 2, 2012 edition of the WER), in addition to clarifying provisions in the previous settlement agreement. The Applicants' current mitigation proposal requires them to build new transmission projects and enter into short-term power sales to address the market concentration impacts of the combination.
Specifically, the Applicants' agreement requires:
The settlement agreement must now be approved by the NCUC. However, the NCUC will likely wait to issue a decision on the settlement agreement until after FERC has ruled on the mitigation proposal. Applicants have requested that FERC issue a decision on that proposal by June 8.
About Troutman Sanders
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