Duke earnings soar with higher electric rates

NEW YORK (AP) — Duke Energy reported strong earnings for the second quarter on higher electric rates, but newly acquired subsidiary Progress Energy saw earnings plummet as a result of planned refueling shutdowns at three nuclear power plants.

Duke became the nation's largest utility last month after it completed what became an acrimonious combination with in-state rival Progress. The poor results at Progress — and the good results at Duke — may take some pressure off Duke's board. State regulators are investigating the board's controversial decision to oust former Progress CEO Bill Johnson only hours after he was handed the top job at the combined company.