Legacy Progress Director's Production of Documents (Part 3 ... - NCUC

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From:Shiel, Tom Jr [Tom.Shiel@duke-energy.com]Sent:Friday, July 06, 2012 7:36 AMTo:News in ReviewSubject: Duke Energy News in Review 7-6-12NEWS IN REVIEWDue to a technical issue, News in Review has not been posted to the Portal. Stories will beposted as soon as the issue is resolved.Outrage, questions fly after CEO Bill Johnson's departure from new Duke EnergyCharlotte Observer/Raleigh News & Observer, 7-6-12Pressure is building on Duke Energy to explain why it ousted Bill Johnson as CEO this week, asformer Progress Energy board members break their silence and express outrage at what they term acalculated deception.Duke Energy's CEO switch prompts big questionsCharlotte Business Journal, 7-6-12Bill Johnson's abrupt departure from Duke Energy Corp. this week leaves the company with noobvious successor to Jim Rogers, the company's 64-year-old chiefexecutive. It also puts the stabilityof its management team in doubt and its bond rating in question.Behind Duke's CEO-For-A-DayWall Street Journal, 7-6-12Duke Energy Corp. signed a contract June 27 with Bill Johnson that would make him its next chiefexecutive. Five days later, hours after Mr. Johnson took his job, the company's board decided it justwasn't working out.Progress CEO Johnson May Get as Much as $44.7 Million after ExitBloomberg, 7-5-12Progress Energy Inc. Chief Executive Officer Bill Johnson, who unexpectedly resigned after DukeEnergy Corp. completed its takeover ofthe company, may collect as much as $44.7 million after hisexit.U.S. Midwest ISO real-time power prices over $1,OOO/MWhReuters, 7-5-12Real-time power prices in the Midwest Independent Transmission System Operator (MISO) in theU.S. Midwest were over $1,000 per megawatt-hour for at least an hour Thursday afternoon during abrutal heat wave, the grid operator said on its website.Commission Calls Fukushima Nuclear Crisis a Man-Made DisasterNew York Times, 7-5-12The nuclear accident at Fukushima was a preventable disaster rooted in government-industrycollusion and the worst conformist conventions of Japanese culture, a parliamentary inquiryconcluded on Thursday.GE Halts Construction on Solar Plant as Prices PlungeBloomberg, 7-3-121LEGPGNDIR001167
General Electric Co. (GE) is suspending construction of a Colorado thin-film solar factory, slated to bethe biggest in the U.S., as prices for the panels tumble amid a manufacturing-capacity glut.NC solar projects aided by lower costs for constructionCharlotte Business Journal, 7-6-12It appears that the price for building utility-scale solar projects in North Carolina continues to drop,despite tariffs imposed earlier this year on low-cost Chinese solar panels.Outrage, questions fly after CEO Bill Johnson's departure from new Duke EnergyCharlotte Observer/Raleigh News & Observer, 7-6-12By John Murawski and David RaniiPressure is building on Duke Energy to explain why it ousted Bill Johnson as CEO this week, asformer Progress Energy board members break their silence and express outrage at what they term acalculated deception.At the same time, the N.C. Utilities Commission - which last week approved the merger betweenCharlotte-based Duke and Raleigh-based Progress with the understanding that Johnson would beDuke's CEO - is internally deliberating whether to investigate whether Duke officials lied about theirintentions.Meanwhile, a leading Wall Street credit rating firm put Duke on a watch list for a potential creditdowngrade in the wake of Johnson's exit. Johnson's abrupt resignation, announced Tuesday, raisesquestions about Duke's internal stability, planning and management, Standard & Poor's FinancialServices said Wednesday. Many former Progress executives were recruited by Johnson, with anumber moving to Charlotte this week for their new jobs.But it was the former Progress Energy board members who were the most vocal in their outrage."Frankly, I felt misled," said Alfred Tollison Jr., who lives in Georgia and served on the Progress boarduntil the completion ofthe merger. "Just from circumstantial evidence you would have to think it didn'thappen overnight, that there was a lot of forethought given to it."Another former Progress board member, John Mullin III of Virginia, sent a letter to the Wall StreetJournal Thursday, stating: "I do not believe that a single director of Progress would have voted for thistransaction as structured with the knowledge that the CEO of Duke, Jim Rogers, would remain as theCEO ofthe combined company."In the letter, which he shared with The (Raleigh) News & Observer, Mullin wrote: "In my opinion this isthe most blatant example of corporate deceit that I have witnessed during a long career on WallStreet and as a director of ten publicly traded companies and as a former Trustee of Putnam'snumerous mutual funds."The recent, rapid developments pose new challenges to Duke's leadership as the company movesforward with its merger with Progress, a deal that created the nation's largest electric utility.Duke spokesman Tom Williams said, "We will be working with S&P in the coming weeks to resolvetheir 'credit watch' listing as expeditiously as possible."Credit ratings are critical to utilities, which depend on capital markets to finance power plants andother infrastructure projects that can cost billions of dollars. Lowered credit ratings could result inhigher interest rates and millions in added costs.Moody's Investor Services, however, affirmed its ratings and "stable outlooks" for Duke and Progress,citing their strong financial profiles and merger benefits.2LEGPGNDIR001168
Page 1 and 2: OFFICIAL COPT ^ 7 ^ / i ( 7raises t
Page 3 and 4: During the 2011 ''conference call;
Page 5 and 6: discussions with Johnson that.prece
Page 7 and 8: Executives declined to answer quest
Page 9 and 10: People in the;World" in 2009.After
Page 11 and 12: Energy CpipM.'26%;.ahc|:vyisconsin.
Page 13 and 14: Those customers, for the most part,
Page 15 and 16: Cassell is chief of coal generation
Page 17 and 18: From: Jim Hyler | Redacted - Person
Page 19 and 20: From: McKee, Marie | Redacted - Per
Page 21 and 22: HostCode': 257184NOTICE Morgan[Stan
Page 23: Cbrisequently. this lettef .is; bei
Page 27 and 28: In addition, he'll receive about $1
Page 29 and 30: Analyst Hugh Wynne at Bernstein Res
Page 31 and 32: Johnson, who the companies had said
Page 33 and 34: The report, submitted to the Japane
Page 35 and 36: The two winning companies are to be
Page 37 and 38: LEGRGNDIR001180, LEGPGN Dt R- REPLA
Page 39 and 40: From: McKee, Mariel Redacted-Person
Page 41 and 42: From: Carlos Saladrigas f Redaaed -
Page 43 and 44: From: McKee, Mariel Redacted-Person
Page 45 and 46: From:Sent:To:Subject:Attachments:Ne
Page 47 and 48: Fom 4 (coni:)- Narnc.nnd Address of
Page 49 and 50: From;Sent:To:Subject:McKee,. Marie
Page 51 and 52: From: "Jim Hyler | Redacted - Perso
Page 53 and 54: From:Sent:To:Rogers, Jim [Jim.Roger
Page 55 and 56: From;Sent:To:Subject:Harrington, Su
Page 57 and 58: From:Shiel, Tom Jr [Tom.Shiel@duke-
Page 59 and 60: Wall Street JournalAt Work: When th
Page 61 and 62: Despite the controversy, corporate
Page 63 and 64: REGIONAL PRESSLos Angeles TimesCEO-
Page 65 and 66: TRADE/BUSINESS PUBLICATIONSForbesJo
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DUK: Media Coverage7/6/12 - 3:00PM
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DUK: Media Coverage7/6/12 - 3:00PM
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NEWSWIRESAssociated PressEx-Progres
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LEGPGNDIR001224
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South Carolina, Florida, Indiana, K
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Charlotte News ObserverBill Johnson
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Charlotte Business JournalReport: N
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Johnson will get $12.7 million for
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Triangle Business JournalJohnson mi
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potential insurance proceeds are un
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BLOGSThe Daily BeastDuke CEO Lasts
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The HillNews bites: Anger follows b
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Duke won federal approval for the m
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DUK: Media Coverage 07.06.12Page 2
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From:Sent:To:Subject:Harris DeLoach
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hope for best and wish you a good4t
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To: Harris DeLoachSubject: last eve
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INTENTIONALLY LEFT BLANKLEGPGNDIROO
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From:Sent:Harrington, :Sue C [Sue.H
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deceit that I have witnessed during
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who orchestrated it or why. The big
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Johnson. The commission says it rec
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A former board member involved in a
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"This can only be described as an i
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The North Carolina Utilities Commis
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the hook for billions in costs tied
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Before the market can ultimately de
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Sent: Tuesday, July 03, 2012 6:53 A
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From:Sent:To:Subject:Redacted - Per
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From:Harrington, Sue C [Sue.Harring
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From:Sent:To:Shiel, Torn Jr [T6m;Sh
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"I've certainly, been thinking that
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"There's riot ari ideritifiedj imme
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The plan, if Rogers sticks to it, i
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From:Harris DeLoachSent:Sunday, Jul
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From: William Bamet! Redacted - Per
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From:Harris; DeLoachSent:Sunday, Ju
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From:Sent:To:Subject:William Bamet
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From:Harris belioachSent:Monday.Jul
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From: Baker, John D.f Redacted-Pers
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From:Manly, Marc E.[Marc.Manly@duke
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POTENTIAL TOPICSiFOR QUESTIONS OF M
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Today's Top StoriesDuke Energy mav
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From:Harris. DeLoachSent: Monday.Ju
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From:Serit:To:Cc:JirriI HylerQMonda
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A boardroom coup at DukeEriergy
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Duke. Energy Corp. Chief Executive
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inging, a, crush of TV cameras arid
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Whether Progress board"? members we
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Johnson, 58; sighed a three-year em
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"The commission reserves the right
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Indiana, Any fuel'for the Wabash Ri
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"Whether it's any worse than any ot
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Best regards,MarieACGfNFIDEWTIAL LE
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From:Sent:To:Subject:Redacted - Per
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•• • - •-• 1 ^Most Americ
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From:Sent:To:Cc:Subject:Baker, John
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Act. tf you have receivedUhte commu
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Sent: Thursday, July OS, 2012 02:12
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Frbm: Baker,. John D. [ Redacted -
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From: Baker, John D'. [Sent: Monday
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From: Harris DeLoachSent: Thursday,
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From: Harris DeLoach I Redacted - P
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PROGRESS ENERG Y BOARD MEETINGMAY i
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Although Progress Energy will riot
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half from theoriginai 2,900 square
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esources (O&M and capital); respond
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The N.C. Department ofEnvironment a
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Siefert said..Opening the new, busi
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PROGRESS ENERGY SPECIAL S^REHOLDER
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SCHEDULE OF EVENTSSeptember 2011Boa
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PROGRESS ENERGY BOARD MEETINGMARCH
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will unilaterally or immediately.so
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Mitchell-Henderson, TrudieFrom:Sent
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User Application::: folders Page 1
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Board of DirectorsJunel0,2012FERG h
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Draft Press Release—to be release
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N.G. regulators pressed'to riile'on
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Ruling clears road to Duke Energy-P
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It wiil take about thrce years to b
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The merger included promises to con
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for closing the deal to July $; : w
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Page 1 of 2Entrust r , B %YZli lEnt
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^ Progress EnergyWilliam D. Johnson
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Analyst Response Summary(re: FERC's
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ISI "With FERC Approval The DUK Dea
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State schedulesDukes Scott of the S
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The FERC issued a similar type of d
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For the merger to close out on sche
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Progress EnergyWilliam D. JohnaonCh
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Scope of bearing narrowThe Progrcss
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William D. JohnsonCharman, Preiiden
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Page 1 of 2Standard Folders©Inbox.
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User Applicatipn •:: FoldersPage
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User Application:: Folders Page 1 o
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To help celebrate its 100th birthda
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egulations; and other factors discu
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"The economics of cheap gas and red
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Duke Energy has received requests f
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derecho, such a storm must cover th
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"We still have some ofthe employees
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udget defeat with the help of a han
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lease.• Requirement that energy c
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Moeller cast the lone dissenting vo
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This newsletter was brought to you
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Utilities'merger of benefit to ATCb
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- - - €"My goal is to work hard t
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a"-.The filing does not say what ca
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%r;-J1'\merger considerably and mig
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"He has been more fonvard-thinking
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Legacy Progress Director's Production of Documents (Part 3 ... - NCUC

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