Duke, Progress merger gets federal go-ahead

Posted June 8, 2012 10:54 p.m. EDT

— After two failed attempts, Progress Energy and Duke Energy have conditional federal permission to merge, a move that would create the nation’s largest utility. 

The Federal Energy Regulatory Commission gave conditional approval Friday to the utilities' proposed the $35 billion deal which would cost jobs, but save consumers money, according to documents filed with the FERC.

A Progress Energy spokesman said the move was pleasing, and that the companies would be working to secure state approval to close the deal.