Duke Energy & Progress Energy Merger Wins Federal Approval‎

Duke Energy & Progress Energy Merger Wins Federal Approval‎

June 8, 2012

Duke Energy and Progress Energy have won conditional federal approval for a $26 billion merger that would create the country’s largest utility, with 7.1 million customers in six states, based in Charlotte.

The Federal Energy Regulatory Commission issued its ruling Friday evening, saying that the merger, as revised, would not have an adverse effect on competition. But the commission imposed more than a dozen additional conditions on the merger and has given the utilities 15 days to indicate whether they will accept the conditions and move ahead with their merger, or reject the conditions and walk away from the deal.

Duke employs 5,681 in Charlotte, and says that its workforce there would likely stay the same or increase as the city absorbs Progress employees transferring from Raleigh.

But in limbo are the 1,860 jobs the companies expect to eliminate over three years through buyouts, retirements and layoffs if needed. Progress has already agreed to vacate one of its two towers in downtown Raleigh.

Duke employs 18,250 in the Carolinas, Indiana, Kentucky and Ohio. Progress has 11,000 employees in the Carolinas and Florida.

Under the merger, Duke CEO Jim Rogers would become executive chairman of the combined company. Progress CEO Bill Johnson would be the new Duke’s chief executive. Of its top 13 officers, seven would come from Duke and six from Progress.

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