in News Departments > New & Noteworthy
print the content item

Duke Energy Corp. has confirmed the closing of its previously announced merger with Progress Energy Inc. The new company will be known as Duke Energy and will remain headquartered in Charlotte, N.C., with substantial operations in Raleigh, N.C.

Duke Energy will trade on the New York Stock Exchange under the symbol DUK. In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy.

Duke Energy has also announced that the newly constituted board of directors has appointed Jim Rogers president and CEO of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company's board. Bill Johnson has resigned as president and CEO of the combined company, by mutual agreement.

The merged companies have approximately $49 billion in market capitalization, total assets of more than $100 billion, and 7.1 million electric customers in the Carolinas, Florida, Indiana, Kentucky and Ohio.

When the merger was announced on Jan. 10, 2011, the transaction value totaled $26 billion, including Progress Energy's debt. Currently, the transaction is valued at about $32 billion, based on Duke Energy's share price and including Progress Energy's debt.


Hybrid Energy Innovations 2015
Latest Top Stories

Grid-Scale Energy Storage Continues Making Inroads

A new report from Navigant Research highlights the biggest markets and most popular technologies for grid-scale energy storage.


Demand Response And Renewables Help SDG&E Tackle Record-Breaking Heat Wave

San Diego Gas & Electric (SDG&E) recorded peak demand records last week and relied heavily on energy conservation, as well as imported wind and solar power, to keep the lights on.


Report: Utility-Scale Renewables Keep Getting Cheaper

A new study suggests the levelized costs of energy of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


Duke Energy Commits $500M To Major Solar Expansion In N.C.

The utility company says the investment will help further diversify its portfolio, as well as increase solar power for its North Carolina customers by 60%.


Sensus Issues Refund To SaskPower After Smart Meter Woes

As SaskPower continues to swap out its Sensus units following several meter failures, the two companies have reached an agreement in order for the utility to recover costs.

Hybrid Energy Innovations 2015
S&C Electric_id176
Future Energy_id187
edf_id180