Duke Energy, Progress Energy complete merger

subscribe

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

new zealand wind farm

As New Zealand gets serious about climate change, can electricity replace fossil fuels in time?

WELLINGTON - As fossil fuels are phased out over the coming decades, the Climate Change Commission (CCC) suggests electricity will take up much of the slack, powering our vehicle fleet and replacing coal and gas in industrial processes.

But can the electricity system really provide for this increased load where and when it is needed? The answer is “yes”, with some caveats.

Our research examines climate change impacts on the New Zealand energy system. It shows we’ll need to pay close attention to demand as well as supply. And we’ll have to factor in the impacts of climate change when we plan…

READ MORE
adani-electricity-power-supply-cuts-in-mumbai

Adani Electricity's Power Supply Cuts in Mumbai

READ MORE

Georgia Power warns customers of scams during pandemic

READ MORE

EDF isrish deal

Utility giant Electricite de France acquired 50pc stake in Irish offshore wind farm

READ MORE

uk national grid

National Grid to lose Great Britain electricity role to independent operator

READ MORE