Duke, Progress Energy make merger filings
Published: April 4, 2011
Time posted: 3:56 pm
Tags: Duke Energy Corp., North Carolina Utilities Commission, Progress Energy
Duke Energy Corp. and Progress Energy today filed applications with the North Carolina Utilities Commission, asking for approval for a merger the companies announced in January.
Charlotte-based Duke and Raleigh-based Progress would become the largest electric utility in the U.S. if the deal is approved.
The application to the utilities commission outlined customer benefits expected from the merger, including estimated savings of about $700 million in the Carolinas over the first five years following the merger.
The companies are hoping to finalize the merger by late this year. If approved, Progress will become a subsidiary of Duke, but the utilities will continue to operate as separate entities.
Each company would continue to have separate rate schedules for the foreseeable future.