Duke, Progress Energy will converge to become nation’s largest utility

Posted on by Margaret Williams

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.

SHARE

Thanks for reading through to the end…

We share your inclination to get the whole story. For the past 25 years, Xpress has been committed to in-depth, balanced reporting about the greater Asheville area. We want everyone to have access to our stories. That’s a big part of why we've never charged for the paper or put up a paywall.

We’re pretty sure that you know journalism faces big challenges these days. Advertising no longer pays the whole cost. Media outlets around the country are asking their readers to chip in. Xpress needs help, too. We hope you’ll consider signing up to be a member of Xpress. For as little as $5 a month — the cost of a craft beer or kombucha — you can help keep local journalism strong. It only takes a moment.

About Margaret Williams
Editor Margaret Williams first wrote for Xpress in 1994. An Alabama native, she has lived in Western North Carolina since 1987 and completed her Masters of Liberal Arts & Sciences from UNC-Asheville in 2016. Follow me @mvwilliams
View all posts by Margaret Williams →

Before you comment

The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.

5 thoughts on “Duke, Progress Energy will converge to become nation’s largest utility”

  1. Davey Bar

    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.

  2. Beth

    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.

  4. T100C-1970

    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.

Leave a Reply

To leave a reply you may Login with your Mountain Xpress account, connect socially or enter your name and e-mail. Your e-mail address will not be published. All fields are required.