Reuters: Regulatory News: UPDATE 1-Duke Energy, Progress accept FERC conditions

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UPDATE 1-Duke Energy, Progress accept FERC conditions Jun 25th 2012, 22:07 June 25 | Mon Jun 25, 2012 6:07pm EDT June 25 (Reuters) - Utility companies Duke Energy Corp and Progress Energy said they had accepted the conditions set by the federal regulators related to their proposed $13.7 billion merger. Duke and Progress made a compliance filing with the U.S. Federal Energy Regulatory Commission (FERC) on Monday, the companies said in a filing with the U.S. Security and Exchange Commission. FERC on June 8 cleared the way for the deal, but added some conditions, including asking for periodic reports on the status of transmission upgrades. 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. The companies, who are eyeing July 1 as the merger date, continue to work to secure final merger-related approvals from the North Carolina Utilities Commission and the Public Service Commission of South Carolina. Shares of Duke, valued at $30.62 billion, closed at $22.88 on the New York Stock exchange on Monday.

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