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Progress CEO: Merger with Duke good for customers

A merger of Charlotte-based Duke Energy Corp. and Raleigh-based Progress Energy would be good for ratepayers, the president of Progress says in the company’s annual report released today to shareholders.

“By joining forces with Duke Energy, our neighbor for more than a century, we will be in a better position to manage the transformation occurring in our industry and hold down some of the rate pressure on our customers,” Bill Johnson says in the report.

“The combined company will have greater financial strength to support potential dividend growth while raising the large amounts of capital needed to modernize our system, meet new environmental rules and keep up with population growth,” he says.

The merger was announced in January. The $26 billion deal needs regulatory approvals.

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