Written by the SC Daily Gazette.
Duke Energy is asking regulators for permission to merge its two utilities in the Carolinas — Duke Energy Carolinas and Duke Energy Progress.
The Charlotte-based utility said in its announcement that such a merger would save customers even more than the $1 billion in savings it has seen in the 13 years since Duke Energy merged with Raleigh-based Progress Energy. The company also called the proposal a “reorganization” in its announcement, but it is legally a merger.
The two companies have nearly 5 million customers across North and South Carolina with Duke Energy Progress covering the Raleigh area and eastern North Carolina, while Duke Carolinas covers Charlotte and western North Carolina.
Duke’s target date for the merger is Jan. 1, 2027. But the deal needs the approval of the North Carolina Utilities Commission, the Public Service Commission of South Carolina and the Federal Energy Regulatory Commission.
There will be no immediate changes to retail rates for customers, Kodwo Ghartey-Tagoe, executive vice president and CEO of Duke Energy Carolinas, said in a statement.
Future rate changes will be subject to regulatory approval, with both North and South Carolina regulators deciding rate cases separately.
According to Duke, streamlining operations will allow for more than $1 billion in savings for retail customers between Jan. 1, 2027 and 2038.
Duke Energy is one of America’s largest energy holding companies with a market value is $97.4 billion.
The News & Observer first reported news of the regulatory filing.
Like the SC Daily Gazette, NC Newsline is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. NC Newsline maintains editorial independence. Contact Editor for questions: [email protected].
SC Daily Gazette is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. SC Daily Gazette maintains editorial independence. Contact Editor Seanna Adcox for questions: [email protected].