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How can anyone think this will good for the triangle. It may be a smart business decision and even good for certain people but no way is it good for the area at large.
I thought Wells-Fargo buying Wachovia would hurt Charlotte...honestly you can't tell the difference in Charlotte.
I have experience probably 6-10 mergers in my short tenure in IT, and it usually take 1-2 years to play out, but the old location was always downsized significantly.
It's never good no matter how much the try to rationalize it.
I thought Wells-Fargo buying Wachovia would hurt Charlotte...honestly you can't tell the difference in Charlotte.
I see your point but I think that situation might be a little different because Charlotte could weather that loss better than Raleigh can weather the loss of Progress. Charlotte has large many banks and finance companies. Raleigh cannot easily replace Progress Energy.
So, they are running them as "two separate companies" and this is for Duke energy only. So I guess it's a huge coincidence that if this is approved that Duke rates will be about the same as current Progress Energy rates. I guess they figure if there is no rate disparity when this thing actually closes then people won't be clamoring for a reduction for Progress' rates at that time.
So they're abandoning our city, raising our rates, and they argue the government needs to support their monopoly on the energy industry instead of letting renewable energy startups compete. Yeah, that seems fair. Good job, government.
So they're abandoning our city, raising our rates, and they argue the government needs to support their monopoly on the energy industry instead of letting renewable energy startups compete. Yeah, that seems fair. Good job, government.
Yes, exactly this. I can't believe this merger even got approved. And I'm not really certain who's at fault here because I'm not sure how much influence city leaders had on the matter since it's a business merger that didn't necessarily involve the city, but it seems like there should be something that someone could do.
Raleigh has been robbed of its only Fortune 500 company, a major downtown contributor, and only to boost Charlotte's image, income, and ability to hike up rates AND crush any competition and the ones who pay for all this to happen will be us, the customers.
Look's like duplicity by Jim Rogers, who 20 minutes after the merger of Duke and Progress Energy, forced Bill Johnston the CEO of the merged company to resign. What does it mean for us as consumers? can such a Board of Directors be trusted to deliver on any of the commitments they made during the regulatory approval process? Mind you with a severance package of $43.7m for Bill Johnson there is not much sympathy for him, just the trust issue regarding such a major utility that affects all of our pocketbooks as consumers.
Even more interesting was the sidebar article in the N&O about the vacancies on the Utilities Commission. So with Pat McCrory as the potential next Governor, and he having worked for Duke Energy for 30 years until 2008, it looks like it's a shoe-in for Duke Energy 'friendly' commissioners that will roll over and give them a free ride in screwing us consumers
CHANGES MAY BE AHEAD FOR UTILITIES COMMISSION
The seven-member N.C. Utilities Commission could undergo a personnel shakeup after the election of the state’s next governor this fall.
The regulatory panel, whose members are appointed by the governor, will have three vacancies for the new governor to fill, giving the winning candidate an immediate and lasting imprint on the state’s energy policy.
Republican candidate Pat McCrory spent nearly three decades in a career at Duke Energy until he left the company in 2008. The commission is one of the state’s most influential boards, reviewing rate increase requests for electric utilities, natural gas utilities, private water companies, moving companies and ferry services.
The panel has one vacancy that has been open all year. The legislature has refused to take up Gov. Bev Perdue’s nomination, assuring that the slot will be filled by the next governor.
Two more commissioners’ terms expire June 30, 2013, creating additional vacancies that will need to be filled. The next vacancies open up in 2015.
The commissioners are currently serving eight-year terms, but the legislature last year shortened their tenures to six years per term, with possible reappointments.
Commissioners are paid an annual salary of $123,198.20. The commission chairman is paid $137,203.19 a year.
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So what did happen with the 'new' Duke Energy?
