(MENAFN) One year into a variety of concerns for the competition in the electricity market, The Federal Energy Regulatory Commission (FERC) has approved the Duke and Progress Energy merger with some strings attached, reported AP.
Some of FERC's conditions are the following: There would have to be regular status updates on transmission updates, and that said upgrades would have to be completed by June 2015 and not charged to wholesale customers.
Duke and Progress Energy have 15 days from last Friday to accept the conditions attached to the green light to merge. Currently, both companies are reviewing the conditions and hope to sign the papers by July.
The employees that would get laid off due to the merger will receive severance benefits from the companies. Customers of the two firms will not have to cover the costs. Both companies agreed to deal with the severance costs and cut retail rates by USD70 million.