Though it faced opposition in its quest to merge with Duke Energy, Progress Energy said it could finalize its merger with the utility by June.
Reuters reports that the delayed merger between Duke and Progress could be completed in May or June. The two power providers must still attain conditional approval from the Federal Energy Regulatory Commission (FERC). FERC officials have been loath to lend their official stamp of approval to the proposed merger, however, citing market power concerns in the Carolinas.
FERC last year refused to allow the two utilities to combine, citing what it said would ultimately result in the company's monopoly power in the Carolinas. Executives from Duke and Progress, however, hope to have the deal finalized and approved by mid-2012. The merged company would be one of the largest in the U.S., and the deal is valued at more than $13.7 billion.
Progress chief executive Bill Johnson said this week the utilities plan to file a new mitigation plan with FERC within the next few weeks. Johnson did not, however, offer any details as to how the companies would address FERC concerns pertaining to market power in the Carolinas.