Duke Energy Buys Progress Energy to Create Power Giant
Duke Energy announced that it has agreed to buy Progress Energy for 13.7 billion in stock, which would create a power industry giant with approximately 7.1 million electricity customers in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio. The deal awaits the approval of regulators in North and South Carolina.
Duke CEO and Chairman Jim Rogers said that the new company would save $600 million to $800 million in the Carolinas over five years due to the benefits of combining their fuel costs and delivery systems.
"It really enhances our ability to grow the dividend going forward," Rogers said. "Our plans are to grow the dividend at slightly less than the growth in our earnings."
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Duke Energy is currently the third-largest U.S. utility and would become both the largest in market value and generating capacity if the purchase of progress Energy is completed.
Published by Jeffrey Weeks
Jeffrey Weeks is an award-winning NC newspaper columnist who writes about saltwater and freshwater fishing, southern seafood and cooking, hunting, popular entertainment, and sports. View profile
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good work
I never heard of Duke Energy - I suppose I will now! cheers :)
Excellent ♥ I see higher energy bills in the future for Duke customers.
Monopoly and don't foget the "too big to fail" security blanket.
That could be a big deal here in Florida. Our rates doubled when Progress Energy bought Florida Power, so it's doubtful rates would lower or even stay the same if this happens. Can anyone say MONOPOLY?