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Duke accused of hiding $2 billion

In Duke accused of hiding $2 billion, EOC EYEONCITRUS.COM on kp26 at 311223

By Travis Mitchell

Original article here.

Duke Progress Energy     EYEONCITRUS.COM

A North Carolina energy watchdog group is accusing Duke Energy of failing to disclose potentially billions of dollars in ratepayer costs seeking approval for its merger with Progress Energy.

According to advocacy group NC WARN, Duke Energy waited until the merger had closed before disclosing roughly $2 billion in planned improvements to its nuclear plants. During the lengthy approval process, Duke Energy claimed that its acquisition of Progress Energy would save its customers $650 over two years. The $2 billion in expenditures would appear to cut into this savings, and NC WARN is calling on ratepayers to force state regulators to seek approval from Duke that the improvements will benefit ratepayers.

The North Carolina Public Utilities Commission is reviewing a motion by NC WARN to reopen the merger hearing to shed more light on the proposed nuclear upgrades to plants in South Carolina and Florida.

Although Duke earnings have been up since it closed its July merger with Progress Energy, this is just the latest in a string of controversy, which began with the sudden ouster of ex-Progress CEO Bill Johnson. In addition to NC WARN, the Public Utilities Commission and the North Carolina Attorney General have both launched independent investigations into the merger proceedings.

Read more: Duke accused of hiding $2 billion – FierceEnergyhttp://www.fierceenergy.com/story/duke-accused-hiding-2-billion/2012-08-21#ixzz24NWxbON8
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