The CEO of Duke, Jim Rogers, is an attorney and major lib. He is pro green energy and is in the process of shutting down Duke’s coal plants. The “loan” to the DNC was announced by Rogers before the company’s 2012 shareholder meeting. At the meeting the small shareholders showed up in force and strongly spoke out at the meeting against the loan in the Q&A session.
Per the executives, if the Democrats don’t pay off the loan, any loss will be absorbed by the shareholders and not the ratepayers (i.e. customers). Utility rates are set by the state utility commission so any make good on the loan will be covered out of the “profit” the utilities commission allows the company to make.
Shareholders have already taken a $45 million haircut this year after the merger with Progress Energy. The CEO of Progress, Bill Johnson, was supposed to be the new Duke CEO and Rogers was going to be chairman. The arrangement lasted one day. Rogers fired Johnson less than 24 hours after the merger and the company paid out $45 in severance and other benefits.
Roger was on the short list for Secretary of Energy in the first Obama term. It is too bad for Duke shareholders and ratepayers Rogers didn’t get the job.
Here’s a link to an uncomplimentary Business Week article on the Duke CEO Jim Rogers:
http://www.businessweek.com/articles/2012-09-20/jim-rogers-the-ceo-who-wouldnt-leave#p1