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.