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Progress, Duke Energy merging

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Merger will create nation’s largest utility

By Chris Van Ormer

Duke Energy and Progress Energy announced Monday that both companies’ boards of directors have unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction, a $13.7 billion stock-based deal. 

The combined company, to be called Duke Energy, will be the country’s largest utility.

The merger’s advantages include:

* About $65 billion in enterprise value and $37 billion in market capitalization. 

* The country’s largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories: North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio.

* Approximately 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources.

* The largest regulated nuclear fleet in the country.


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