Cary News | Mayors look to utilities' merger for debt relief

John Murawsky,

"Raleigh-based Progress and Charlotte-based Duke last month announced they would combine to form the nation's largest electric utility with 7.1 million customers in six states.

As a condition of getting the merger approved by North Carolina regulators, the mayors want Progress and Duke to help retire municipal debt that 32 towns assumed when they agreed to joint ownership of five power plants.

That debt has resulted in higher electricity rates in the affected towns, which include Apex, Clayton and Wake Forest."