Duke Energy-Progress Energy Merger: Largest US Utility

Duke Energy-Progress Energy merger creates the largest U.S. electric utility by enterprise value, market cap and generation assets, headquartered in Charlotte with Raleigh operations, led by CEO Jim Rogers, focused on reliable, affordable, cleaner power.

What You Need to Know

The merger makes Duke Energy the largest U.S. utility, uniting assets and customers under CEO Jim Rogers.

Creates largest U.S. electric utility by enterprise value
Progress Energy becomes wholly owned Duke subsidiary
HQ in Charlotte; substantial Raleigh, N.C., operations

Duke Energy Corporation recently confirmed the closing of its previously announced merger with Progress Energy Inc., effective July 2, 2012.

The new company will be known as Duke Energy and will remain headquartered in Charlotte, with substantial operations in Raleigh, N.C., and Duke's Carolinas utility operations across the region.

In accordance with the terms of the merger agreement, as detailed in Duke's $13.7 billion bid for Progress, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy, creating the country's largest electric utility as measured by enterprise value, market capitalization, generation assets, customers and numerous other criteria.

Duke Energy also recently announced through its leadership announcement that the newly constituted board of directors has appointed Jim Rogers as president and chief executive officer of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company’s board. Bill Johnson, who earlier warned of higher costs as Progress CEO, has resigned as president and chief executive officer of the combined company, by mutual agreement.

"The new Duke Energy will be better able to serve our 7.1 million customers’ energy needs in a safe, reliable, affordable and increasingly clean manner," said Rogers, chairman, president and chief executive officer of Duke Energy. "As a combined organization, we will work to deliver benefits to our customers, through clean energy investments that create value for our shareholders, and enhance the career opportunities of our employees"