Progress Energy reported weakening electricity sales for what was to be the Raleigh-based power company's last year of independent operation before a planned merger with Duke Energy in Charlotte.
The revenues and earnings released this morning are a prelude to conference calls with Wall Street analysts and investors who will undoubtedly seek updates on the status of the delayed $26 billion merger. Duke's conference call is scheduled at 10 a.m. today and Progress will update Wall Street at 2 p.m.
Duke's CEO Jim Rogers told our sister paper, The Charlotte Obsever, that the companies expect to file their revisions within a week. The two North Carolina electric utilities were expected to file their merger revisions as early as last month and warned then that the deal could be delayed by six months as the revisions make their way through complex regulatory reviews.