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N.C. Utilities Commission Reaches Settlement with Duke Energy
11/30/2012 6:55:03 AM

According to a statement released yesterday (November 29) by the North Carolina Utilities Commission, the Commission has entered into a Settlement Agreement with Duke Energy.  If approved by the Commission, the agreement will conclude the Commission's investigation that began when the utility company fired former Progress Energy CEO William D. Johnson as CEO of Duke on July 2, 2012.

Duke will make several changes in its top management positions, including naming a new General Counsel and naming a former Progress executive as Executive Vice-President for Regulated Utilities.  In addition, James E. Rogers will retire as CEO of Duke on December 31, 2013.

Duke's Board of Directors will create a CEO and Board Member Search Committee with a balanced number of former Duke and former Progress Board members, plus a new Board member not previously affiliated with either of the two companies.  The committee will identify candidates for the CEO and new Board member positions.

Duke will meet with the Commission periodically to receive comments on the activities and actions of the Duke Board.  Duke has also agreed to maintain a presence in Raleigh for at least five years.

The Settlement Agreement will be presented to the Commission for approval at its regular Staff Conference on Monday, December 3.

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