South Carolina regulators have signed off on a joint operating agreement between Duke Energy and Progress Energy— the last hurdle before the two can merge to become the largest power utility in the U.S.
The state Public Service Commission approved the agreement Monday, three days after their North Carolina counterparts
Duke said it hopes to announce the close of the $32 billion deal within a day. The Office of Regulatory Staff negotiated some of the conditions of the approval. Executive Director Dukes Scott said company shareholders, not those paying the bills, need to bear the costs of the merger.
Federal regulators have already approved the deal.