N.C. officials waive rules to allow Duke, Progress to amend merger proposal | CharlotteObserver.com & The Charlotte Observer Newspaper

John Murawski

"The utilities are going to propose what is known as a "virtual divestiture" -- that is, selling off wholesale power at guaranteed prices. The companies told the N.C. commission on Oct. 7 their modification will entail selling 800 megawatts of wholesale power in the winter and 225 megawatts in the summer at a price with a fixed 10 percent profit margin, rather than a negotiated profit margin. The feds are expected to rule this year if those measures are adequate.

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