Duke Energy/Progress Energy Merger
Staff reports
Duke Energy (NYSE: DUK) and Progress Energy (NYSE: PGN) announced today that both companies’ Boards of Directors have unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction.
The combined company, to be called Duke Energy, will be the country’s largest utility, with:
• $26 Billion Transaction Will Create Nation’s Largest Utility with a Combined Enterprise Value of Approximately $65 Billion
• Diversified Generation Portfolio in Six Regulated Service Territories
• Transaction Expected to be Accretive to Adjusted Diluted Earnings in First Year
• Approximately $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.
About Duke Energy
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500
company traded on the New York Stock Exchange under the symbol DUK. Duke
Energy is one of the largest electric power holding companies in the
United States. Its regulated utility operations serve approximately 4
million customers located in five states in the Southeast and Midwest,
representing a population of approximately 11 million people.
Its commercial power and international business segments own and operate
diverse power generation assets in North America and Latin America,
including a growing portfolio of renewable energy assets in the United
States.
More information about the company is available on the Internet at:
www.duke-energy.com. To learn more and contribute to the discussion
about the energy issues of today and the possibilities of tomorrow
please visit www.sheddingalight.org.
About Progress Energy
Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a
Fortune 500 energy company with about 22,000 megawatts of generation
capacity and approximately $10 billion in annual revenues. Progress
Energy includes two major electric utilities that serve about 3.1
million customers in the Carolinas and Florida.
The company has earned the Edison Electric Institute’s Edison Award, the
industry’s highest honor, in recognition of its operational excellence,
and was the first utility to receive the prestigious J.D. Power and
Associates Founder’s Award for customer service. The company is pursuing
a balanced strategy for a secure energy future, which includes
aggressive energy-efficiency programs, investments in renewable energy
technologies and a state-of-the-art electricity system.
Progress Energy celebrated a century of service in 2008. Visit the company’s website at www.progress-energy.com.
