Duke says to close Cinergy deal April 1
NEW YORK, NEW YORK - Duke Energy Corp. said it would complete its purchase of rival utility Cinergy Corp. on April 1, having accepted an order from the North Carolina Utilities Commission approving the deal.
The deal has already been approved by shareholders, federal agencies and regulators in four other states.
Duke said the North Carolina commission's order is a modified version of the agreement the company had reached with the state's public staff. The approved agreement includes $117.5 million in merger savings for North Carolina customers and $12 million to various low income, environmental, economic development and other programs.
The merger, announced in May 2005, will create one of the biggest U.S. utilities, with about $70 billion in assets and operations in more than two-thirds of the United States and parts of Canada.
The merged company will have retail electric and natural gas customers in Kentucky, Indiana, North Carolina, Ohio, South Carolina and Canada.
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