The two power companies will merge, retaining Duke's name. The merger — if approved by state and federal regulatory agencies later this year — brings 7.1 million customers into the fold for one company.
This Facebook tip via WLOS TV and regular Xpress Twitter coverage contributor, @Thunderpig:
"Duke Energy and Progress Energy are merging into one company that will be the nation's largest utility. The new company will retain the Duke name and be headquartered in Charlotte. It will take about 7 months for the merger to be complete. We'll have more details later today on News13."
And this statement at Duke's website:
"Duke Energy and Progress Energy have announced a merger agreement to combine the two companies. Subject to shareholder and regulatory approval, the merger of Duke Energy and Progress Energy will create the nation’s largest utility, with more than 7 million customers in six regulated service territories – North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio. The two companies’ mix of coal, nuclear, natural gas, oil and renewable resources will total approximately 57 gigawatts of U.S. generating capacity. The combined company will be called Duke Energy and headquartered in Charlotte, N.C."
The News and Observer in Raleigh has a report on the $26 billion deal at newsobserver.com.
This Facebook tip via WLOS TV and regular Xpress Twitter coverage contributor, @Thunderpig:
"Duke Energy and Progress Energy are merging into one company that will be the nation's largest utility. The new company will retain the Duke name and be headquartered in Charlotte. It will take about 7 months for the merger to be complete. We'll have more details later today on News13."
And this statement at Duke's website:
"Duke Energy and Progress Energy have announced a merger agreement to combine the two companies. Subject to shareholder and regulatory approval, the merger of Duke Energy and Progress Energy will create the nation’s largest utility, with more than 7 million customers in six regulated service territories – North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio. The two companies’ mix of coal, nuclear, natural gas, oil and renewable resources will total approximately 57 gigawatts of U.S. generating capacity. The combined company will be called Duke Energy and headquartered in Charlotte, N.C."
The News and Observer in Raleigh has a report on the $26 billion deal at newsobserver.com.
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Can anyone suggest or come up with one reason how having an even larger energy company would benefit customers in the long run? This frightens me more than being snowed in.
By Davey Bar
01/10/2011
Progress was one of the only utility companies left I could stand talking to on the phone. They gave the last vestiges of decent customer service.
By Beth
01/10/2011
Good synergy.
By travelah
01/11/2011
Duke has a long and strong commitment to nuclear power. I have lived about 5 miles (downwind) from one of their larger ones for 30+ years and I'm 60+ now. One day I will die for sure, but I'll take my chances on it NOT being from nuclear power.
For the next century as oil and eventually coal may run out this country has two choices -- follow Europe/Russia/China/India/Iran! and embrace nuclear power or revert to 18th (1700's) century lifestyles.
By T100C-1970
01/12/2011
This article seems to sum up pretty well why this merger is happening : http://www.bizjournals.com/triangle/blog/2011/01/duke-energy-deal-boosts-progress-ceos.html
The CEO of Progress looks like he will be clinging on to Duke for a nice 7 million dollar a year salary. Money talks, customer service will walk.
By Davey Bar
01/12/2011