Duke Energy Corp Faces Regulator Scrutiny After CEO Switch-Reuters

Reuters reported that Duke Energy Corp is under regulatory scrutiny over the abrupt ouster of its CEO, is not expected to be forced to undo its purchase of Progress Energy, but could face a cold reception when it seeks new power rates in North Carolina later this year. Duke's board of directors removed former Progress chief Bill Johnson from the top spot just hours after completing the $18 billion acquisition last week and asked former Duke CEO James Rogers to take over. The NCUC has not said what measures it was considering following the Tuesday hearing, including whether or not it might summon Johnson. 'There hasn't been a decision,' said Len Green, senior staff attorney at the NCUC. 'I believe they are reviewing what they heard yesterday.' Experts said a move to re-open the process that approved the merger was not likely and would be unprecedented. Robert Gruber, executive Director of the public staff of the NCUC, which advises the commission, said the commission could take other measures to penalize Duke.