RALEIGH, N.C. (AP) — A North Carolina appeals court is rejecting a clean-energy group's bid to reopen a probe into whether Duke Energy misled state utilities regulators before becoming the country's largest electric company.
A three-judge state Court of Appeals panel on Tuesday ruled unanimously that the North Carolina Utilities Commission properly denied NC WARN's effort to challenge the regulator's settlement with the company. The commission's decision ended the commission's months-long investigation into what led up to Charlotte-based Duke Energy's purchase of Raleigh-based Progress Energy.
Duke Energy shocked investors and consumers in July 2012 by quickly firing Progress Energy CEO Bill Johnson, who was supposed to head the combined company. The surprise CEO switch led to accusations the commission was duped.
The appeals court in March affirmed the commission's decision to approve the buyout.