Progress Energy and Duke Energy complete merger
The merger between Progress Energy and Duke Energy is complete.
Duke Energy and Progress Energy have completed their merger, following contract negotiations between the enterprises.
The tie-up, effective from July 2nd, has created a new company that will continue operating through the Duke Energy brand and is to trade under the New York Stock Exchange as DUK.
It will be headquartered in Charlotte, North Carolina, with significant operations in Raleigh.
Progress Energy has become one of Duke's wholly-owned subsidiaries, which has created the largest electric utility firm in the US as judged by a number of criteria, including generation assets, market capitalisation, customers and overall enterprise value.
It is predicted to have 7.1 million customers and chief executive officer, president and chairman of the combined company Jim Rodgers pledged to meet their needs with "safe, reliable, affordable and increasingly clean" power, while enhancing shareholder value.
"Duke Energy has increased its dividend every year since 2007, which is the year after we completed our merger with Cinergy," he had previously pointed out.
Posted by Ron Maverick
Source: Duke Energy press release, July 3rd