NC Warn, an energy watchdog group, told Eyewitness News that Gov. Pat McCrory should have no involvement regulating Duke Energy.
The governor was a longtime employee of the company.
A document, sent to WSOC by NC Warn during McCrory's campaign, states the governor still had a significant financial interest in the company – at least $10,000 and possibly more.
"A key part of his family nest egg, and his personal fortune, is linked to Duke Energy," Jim Warren with NC Warn said Friday.
Warren is worried about a bill in the legislature that would essentially fire every member of every state regulatory panel and let the governor appoint new members, and that includes the state utilities commission.
"This is the body that approves Duke Energy's rate increases," Warren said.
NC Warn called it a conflict of interest and is concerned the governor could profit off the legislation.
Channel 9's news partners in Raleigh asked the governor whether -- if that bill came to his desk -- he would recuse himself from the utilities portion.
"Regarding removing my -- from the utilities portion -- oh, absolutely not. I'm no longer with that company. Haven't been for five years now," McCrory told them.
NC Warn sent a letter to the governor Thursday asking him exactly how much money he still has invested in Duke.
"This is not the fox guarding the hen house, this is the fox giving the keys to the hen house to the corporation," Warren said.
The governor's office declined to comment whether he still has a financial stake in the company.