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I'll be following this closely. I'll have to sign on to Progress's new TOU-D rates for my solar PV array when it's installed. If rates go down after I do that, and I'm locked into a contract, I'd be kind of peeved.
I think the notion that rates would go down was really only in the very early days of the merger coming up. Duke has long had lower rates than Progress in the triangle area, but I think we got a pretty definitive answer when they filed to increase the rates of both companies. Oh so coincidentally, the Duke percentage was higher than Progress, making them almost equal. Hmm, how did that happen.
As far as Johnson only lasting 48 hours and getting a huge severance, that was based on his decades of service at Progress of course. You can debate the merits of such packages, but I would say in this case, it's more deserved than some considering he was promised the job publicly and may have passed on opportunities in the couple years since.
Look's like this is close to a done deal with Duke taking over Progress Energy in a $13Bn deal. The Progress stock price increased 82 cents on Friday after going Ex Dividend the previous day. The good news will be the cheaper energy rates that the companies will have to offer to get the deal past the regulators. Let's hope the HQ of the merged company remains in Raleigh as many high paying jobs will be at risk if the HQ is in Charlotte. Also the potential impact on restaurants, coffee shops and bars in Downtown Raleigh with the loss of customers from layoffs, or closure of the Progress headquarters in Fayettville Street.
Oh, yes. Monopolies always result in lower prices. Lol
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