Duke Energy, Progress Energy complete merger

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.

In accordance with the terms of the merger agreement, 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 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 companyÂ’s board. Bill Johnson 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 customersÂ’ 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, create value for our shareholders, and enhance the career opportunities of our employees."

Related News

houston power pole

Hot Houston summer and cold winter set new electricity records

HOUSTON - Last year's Houston cold winter and hot summer drove power use to record levels, especially among households that rely on electricity for air conditioning.

Electricity generation increased 4 per cent nationwide in 2018 and produced 4,178 million megawatt hours, surpassing the previous peak of 4,157 megawatt hours set in 2007, the Energy Department reported.

U.S. households bought 6 percent more electricity in 2018 than they did the previous year, reflecting the fact 87 percent of households cool their homes with air conditioning and 35 percent use electricity for heating.

Electricity sales to the commercial sector increased 2 percent in 2018 compared…

READ MORE
nuclear power plant

What's at stake if Davis-Besse and other nuclear plants close early?

READ MORE

elon musk

Tesla CEO Elon Musk slams Texas energy agency as unreliable: "not earning that R"

READ MORE

wind power

BNEF Report: Wind and Solar Will Provide 50% of Electricity in 2050

READ MORE

charts

Four Facts about Covid and U.S. Electricity Consumption

READ MORE