NC regulator approves Duke Energy probe settlement

AP News
Posted: Dec 03, 2012 1:19 PM

RALEIGH, N.C. (AP) — Duke Energy has formalized deals that ended separate investigations by North Carolina regulators and the attorney general into whether the utility misled officials before a merger that made it the country's largest electric company.

The deals seek to balance greater oversight of the company with flexibility for its executives.

The North Carolina Utilities Commission voted unanimously Monday to approve a settlement announced last week and negotiated by its staff and Duke Energy lawyers. Among other matters, the deal defines CEO Jim Rogers' retirement at the end of 2013. He took over after Progress Energy CEO was ousted in a surprise move.

Attorney General Roy Cooper's office said Monday it is ending its probe with a separate settlement that seeks heightened consumer protection oversight of the company.