Progress Energy

Will Departing Duke CEO Rogers Officially Join the Obama Team?

Jim Rogers and windmill photoNow that he’s been forced out as chairman and CEO of Duke Energy, James Rogers is apparently looking for something else to do, and may now be more receptive to the idea of becoming President Obama’s next Secretary of Energy.

The new speculation, primarily from the Charlotte Business Journal, which is based in Duke’s home city, arose following an interview that Rogers did with Bloomberg News while at the World Economic Forum in Davos, Switzerland. Whereas Rogers used to routinely dismiss suggestions that he might be up for a cabinet post, when asked this time by Bloomberg reporter Tom Keene what he would bring to the job if the president asked him to serve, he was unhesitant.

Jim Rogers to Leave Duke Energy After Merger Fiasco

Jim Rogers and windmill photoThe long, crony-capitalizing, rent-seeking reign of CEO James Rogers at Duke Energy looks like it will come to an end – in a year, but possibly sooner.

The departure follows the saga that was the merger between Charlotte, NC-based Duke and Raleigh, NC-based Progress Energy, which was completed in June – sort of. After the North Carolina Utilities Commission delivered the final regulatory approval it needed, Duke’s board ousted former Progress head Bill Johnson. Throughout the nearly 18-month process the pending partner companies proclaimed Johnson would be the CEO of the new combined Duke, with Rogers moving up to chairman, but the directors schemed in the final months of negotiations and then sprung the firing on Johnson only hours after they congratulated him on his new position.

Former Temp CEO Rebuts Allegations of Duke Energy's Jim Rogers

Bill Johnson photoAs the North Carolina Utilities Commission tries to make sense of the farcical events that surround its approval of the merger of Duke Energy and Progress Energy into the largest public electricity company in the nation, the deeper they dig, the dumber Duke looks.

Yesterday the 6-member panel (one seat is unfilled due to political wrangling) heard from former Progress CEO Bill Johnson (pictured). Throughout the 18-month merger process the two companies proclaimed to anyone who cared – including federal regulators, utilities commissions in at least six states, and Wall Street – that Johnson would carry that role over to the combined company, while former Duke CEO James Rogers would elevate to chairman.

Jim Rogers and Duke Energy Face Music Over Merger Power Grab

white Coke canThe tempest that followed the “boardroom coup” after Duke Energy’s merger with Progress Energy, in which former Progress CEO Bill Johnson was dismissed in favor of Duke CEO James Rogers, has only worsened since the North Carolina Utilities Commission approved the deal last week.

Rogers testified before the NCUC on Tuesday, after the directors of the newly combined Duke jettisoned Johnson just hours after the regulatory approval, even though both companies asserted beforehand – ever since the expected deal was announced last year – that he would lead the united company, while Rogers moved up to chairman. Utilities commissioners, former Progress directors who approved the merger, and the public were deceived into believing Johnson would oversee day-to-day operations.

Jim Rogers's Power Grab Underscores Politicization of Duke Energy

Jim Rogers and windmill photoAfter a lengthy process that overcame a demanding review at the North Carolina Utilities Commission and two rejections by the Federal Energy Regulatory Commission, Duke Energy won approval to merge with the Tar Heel State’s other major investor-owned utility, Progress Energy.

Then Duke’s board immediately pulled a fast one and fired the man they said all along would be the joint entity’s CEO, Bill Johnson, who would have continued from the same role he had with Progress. Instead leading the new combined company will be Duke’s current CEO, James Rogers. Throughout the merger approval process everyone understood he would abdicate that role to Johnson while remaining as company chairman.

Duke Energy Caves In to Pressure Groups’ Demands

Rogers photoIn yet another ploy to overcome opposition to their merger, Duke Energy and Progress Energy agreed with environmental groups last week to a few million more dollars in payoffs for “clean” energy schemes, and to implement energy efficiency programs that would reduce customers’ electricity use by seven percent of retail sales by 2018.

The deal has been planned for months, and when approved by state and federal regulators, will create the largest investor-owned electric utility in the nation. Combined the companies serve residents and businesses in Florida, the Carolinas, Kentucky, Ohio and Indiana.

Edwardsport Scandal Dogs Duke Energy CEO Jim Rogers

Jim Rogers photoThe Indianapolis Colts’ loss of future Hall-of-Fame quarterback Peyton Manning (neck surgeries) has led to a winless (0-7) season so far, which places the team in the lead for the No. 1 overall pick in next year’s NFL draft. By unanimity football experts project Stanford University quarterback Andrew Luck – considered by many the best to emerge from the draft in many years – to be the top prize, so the “competition” to fail in order to attain the top choice has been deemed the “Suck for Luck” sweepstakes.

Duke Energy Gouges Ratepayers, Taxpayers

Jim Rogers and windmill photoRather than big policies like cap-and-trade and federal tax credits, sometimes it’s the little ways that corporations snooker taxpayers and their own customers that really annoy the masses.

As has been well documented by NLPC, Duke Energy’s Jim Rogers has been a big advocate for levies on carbon dioxide emissions, government giveaways for renewable energy, and Democratic conventions.

Duke’s Rogers: Wind Subsidies Yield Big Profits

Rogers and windmill photoSay what you want about Duke Energy and the often-injudicious CEO James Rogers, but at least he is focused on his company’s profitability and the interests of shareholders.

Last week he composed an op-ed for The News & Observer of Raleigh in which he praised Democrat Sen. Kay Hagan and Republican Sen. John McCain for their introduction of the Foreign Earnings Reinvestment Act. The bill would give American companies a “holiday” from the 35 percent U.S. corporate income tax, enabling businesses to – as James Valvo of Americans for Prosperity explained – invest in capital and R&D, hire and train employees, and pay dividends to shareholders.

Syndicate content