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January 11, 2011

ERCOT Seeks Dismissal of Wind Frequency Response Complaint
ERCOT moved to dismiss a complaint at the PUCT from several wind generators relating to ERCOT's denial of exemptions from the frequency response requirements of Protocol 5.9.1.3, arguing that the generators are required to first seek alternative dispute resolution, per the Protocols (39034, see 1/5).  ERCOT reserved arguments against the legal positions taken by complainants against the Protocol until the PUCT resolves the threshold question of whether the complaint may proceed without the use of alternative dispute resolution

Duke Energy, Progress Energy to Merge
Duke Energy and Progress Energy, Inc. announced yesterday a definitive merger agreement to combine the two companies in a stock-for-stock transaction, under which non-regulated activities would be reduced to 15% of the combined company's EBIT.  Under the merger agreement, Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock.  Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.  Duke Energy shareholders will own 63% of the combined company.  Duke CEO Jim Rogers will become executive chairman of the new company upon close of the merger, while Progress CEO Bill Johnson will become President and CEO of the new company.  The combined company will have 57.2 GW total capacity, the vast majority of which is rate regulated, which Duke said would be the most of any U.S. utility.

ERCOT Sees Higher Usage in 2010
The ERCOT region's electricity use increased 3.5 percent in 2010, ERCOT reported in the 2010 demand and energy report.  Net energy for load was 319,097 GWh for the year, compared to 308,278 GWh in 2009 and 312,401 GWh in 2008.  The report also includes generation by fuel type.

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