In recent days the News & Observer has run two stories (here and here ) about the potential merger of Duke Energy and Progress Energy. If approved the merger would produce a $26 billion electric utility, the largest in the nation. One article reports how North Carolina officials waived state rules to allow the merger process to move forward. The other discusses how the merger could potentially produce the largest PAC in North Carolina. According to Democracy North Carolina, the two utilities spent $19 million on federal lobbying and campaign donation in 2009-2010
Just thought I’d remind everyone, Duke Energy is providing a $10 million line of Credit for the 2012 Democratic National Convention in Charlotte. Duke Energy CEO, Jim Rogers is also leading the fundraising for the convention. Interestingly, convention watchers say it’s the first time a line of credit has been secured from a corporation. Rogers says the money is a guarantee against a fundraising shortfall. Others say the money is nothing more than a big corporate contribution to a party that recently passed rules excluding corporate and individual contributions greater than $100,000.
Hmmm….Do you think the Duke line of credit and Rogers’ fundraising efforts have any impact on the pace and outcome of the Duke-Progress merger?