Summary
Duke Energy Corporation (DUK) and Progress Energy, Inc. have filed a request for rehearing with the Federal Energy Regulatory Commission (FERC) regarding a December 14, 2011 order. The FERC had rejected the mitigation plan submitted by both companies in connection with their proposed merger. This filing indicates that the companies are actively pursuing options to move forward with their merger despite the initial setback from the FERC's decision. The request for rehearing signifies Duke Energy's and Progress Energy's commitment to finding a resolution and does not prevent them from proposing alternative mitigation plans in the future. Investors should monitor future FERC decisions and any revised mitigation strategies presented by the companies.
Key Highlights
- 1Duke Energy and Progress Energy filed a joint request for rehearing with the FERC on January 13, 2012.
- 2The rehearing is in response to the FERC's December 14, 2011 order that rejected their proposed merger mitigation plan.
- 3The companies are actively seeking to overcome regulatory hurdles for their planned merger.
- 4The request for rehearing is a procedural step to challenge the FERC's initial decision.
- 5Duke Energy and Progress Energy retain the right to propose a new mitigation plan in the future.
- 6The filing date of this 8-K report is January 17, 2012, with an event date of January 13, 2012.