Duke Energy News

Duke Energy and Progress Energy today announced a settlement with the N.C. Public Staff regarding the companies’ proposed merger.

The proposed settlement, if approved by the NCUC, would provide for the following:

• Guaranteed customer savings – the companies will guarantee North Carolina customers benefit from their allocable share of $650 million in savings over the first five years after the merger closes (2012-2016);
• Continued community support – the companies will continue their current level of community financial support of approximately $16.5 million annually for a minimum of four years after the merger closes (based on each company’s average level of community support over the last 5 years – which is approximately $9.2 million for Duke Energy and approximately $7.28 million annually for Progress Energy);
• Other community funding – the companies will provide $15 million for low-income household weatherization, community college programs that target technical and vocational training, or similar organizations and initiatives; and
• Costs to achieve merger – direct merger-related expenses will not be recovered from customers. Recovery of employee severance costs can be requested separately.

The settlement agreement was filed today by the N.C. Public Staff, which serves as the state’s chief consumer advocate on utility matters. Other parties will file testimony related to the merger application and the proposed settlement agreement by Sept. 7. Read more