Reuters: Regulatory News: UPDATE 1-Duke, Progress say FERC conditions positive for deal

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UPDATE 1-Duke, Progress say FERC conditions positive for deal Jun 11th 2012, 13:54 June 11 | Mon Jun 11, 2012 9:54am EDT June 11 (Reuters) - Duke Energy Corp said it considers additional conditions imposed by federal regulators on its planned takeover of Progress Energy as a positive development that would allow it close the deal by the targeted date of July 1. Federal Energy Regulatory Commission (FERC) on Friday cleared the way for the $13.7 billion deal, but added some conditions, including asking for periodic reports on the status of transmission upgrades. The utilities, which expect to make a compliance filing with the FERC within 15 days, said they have "substantially" completed their evaluation of the regulator's orders. Duke first announced its plan to buy Progress in January 2011, but the FERC has repeatedly rejected the company's efforts to cut its market power.

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