FERC Approves $3.5 Million Settlement Concerning Info Submitted As Part Of Merger
FERC approved a Stipulation and Consent Agreement (Agreement) between its Office of Enforcement (Enforcement), Duke Energy Corporation and Duke Energy Corporation’s public utility operating subsidiaries (referred to collectively as “Duke” or “Duke Respondents”) to resolve on fair and equitable terms Enforcement’s investigation under Part 1b of the Commission’s regulations, 18 C.F.R. Part 1b (2017), into allegations concerning whether the Duke Respondents failed to fully and accurately communicate information to the Commission relating to certain transmission studies submitted in support of their application for the merger of Duke and Progress Energy, Inc. (Progress Energy) in violation of 18 C.F.R. § 35.41(b) (2017).
Duke neither admits nor denies the alleged violations.
Under the settlement, Duke agrees to pay a civil penalty of $3.5 million to the United States Treasury and to submit compliance monitoring reports for two years.