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July 3, 2012
Earlier this morning, Duke Energy announced the closing of the Duke Energy/Progress Energy merger effective July 2, 2012. In addition, i na surprise move by the newly-constituted Board of Directors, Jim Rogers was named as President, CEO and Chairman of the Board of the new Duke Company. Bill Johnson has resigned as President and CEO of the combined company, by mutual agreement.
As additional details are available we will keep you informed.
The full story is available on Duke Energy’s website.
Please contact Ken Raber at 919-760-6218 if you have any questions.
February 23, 2012
On February 22, 2012 Progress Energy and Duke Energy filed their revised Market Power Mitigation Plan with the North Carolina Utilities Commission. We are currently evaluating the effect of this plan on the Power Agencies. For more information on the mitigation plan, please visit the Progress Energy website or the Duke Energy website.
Throughout the review of the merger, ElectriCities staff has, and will continue to, focus on several key items:
• Protection for public power customers from increased costs related to the combination of the two companies;
• Ensuring that merger-related savings from any synergies or reductions in fuel expenses would be passed through to customers;
• Ensuring that the Power Agencies’ competitive position does not deteriorate; and
• Maintaining access to competitive wholesale markets so that the Power Agencies can maintain and continue to improve wholesale prices.
ElectriCities staff will provide a full briefing at the next Board of Directors and Boards of Commissioners meetings. Please contact Ken Raber at 919-760-6218 with any further questions.
For media inquires or additional questions, please contact Ken Raber, SVP of Member Services, at 919-760-6218 or email@example.com.