RALEIGH, N.C. (AP) — Duke Energy Corp. displayed “buyer’s remorse” a year into efforts to take over Progress Energy Inc. and tried to back out when a federal agency insisted that combining to form America’s largest electric company required more concessions to protect competition, the ousted CEO told North Carolina regulators.

Bill Johnson, the executive who was dropped within hours of the two companies completing their merger July 2, told the North Carolina Utilities Commission on Thursday that Duke executives tried to delay completing the deal hoping time would run out. The deal allowed either company to walk away without penalty if it wasn’t concluded by July 8.

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