Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Kentucky regulators approved Duke Energy Corp.’s proposed $9.1 billion acquisition of Cinergy Corp. Tuesday making Kentucky the second to sign off among five states that must approve the deal. The Kentucky Public Service Commission accepted an agreement the companies reached with Kentucky’s attorney general and Kroger Co., a major customer of Cinergy subsidiary Union Light, Heat and Power Co. ULH&P’s 145,000 customers in northern Kentucky will receive credits of at least $7.6 million over five years after the merger closes. Electric customers will receive about $1.3 million a year during that period, while natural gas customers will receive about $183,000 a year, the utilities said in a release. Cincinnati-based Cinergy will also share profits from off system with Kentucky customers, ensuring a minimum of $1.45 million in shared profits in 2006, the companies said. In approving the merger, the PSC decided that North Carolina-based Duke had met the statutory requirement of demonstrating that it has the technical, managerial and financial expertise to manage ULH&P, and that the merger would be in the public interest. South Carolina was the first state to approve the merger after Duke agreed in October to cut its rates by $40 million, or 4 percent, in the first year following the deal’s closing. The Public Service Commission of South Carolina also agreed to let Duke amortize the $40 million over five years. Regulators in North Carolina, Ohio and Indiana, however, must still approve the merger. Industry observers expect the deal to face its toughest critics in Ohio, where the majority of the merger-related job losses are expected. The Federal Energy Regulatory Commission and Nuclear Regulatory Commission still must approve it. Duke and Cinergy hope to close it in the first half of 2006. Copyright �2005 TDD, LLC. All rights reserved.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.