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Duke and Progress Energies Merge, Creating Nation's Largest Utility

01/11/2011
Duke Energy and Progress Energy have merged to create the nation's largest utility with a combined value of $65 billion. The new company will serve more than 7 million customers in North Carolina, South Carolina, Florida, Indiana, Kentucky, and Ohio.

"Our industry is entering a building phase where we must invest in an array of new technologies to reduce our environmental footprints and become more efficient," said Jim Rogers, chairman, president, and CEO of Duke Energy. "By merging our companies, we can do that more economically for our customers, improve shareholder value and continue to grow. Combining Duke Energy and Progress Energy creates a utility with greater financial strength and enhanced ability to meet our challenges head-on."

The combined utility will have power generation capacity of 57 gigawatts from a diverse portfolio of resources. It will also own the country's largest regulated nuclear power fleet.

"This combination of two outstanding companies is a natural fit," said Bill Johnson, chairman, president, and CEO of Progress Energy. "It makes clear strategic sense and creates exceptional value for our shareholders. Together, we can leverage our best practices to achieve even higher levels of safety, operational excellence and customer satisfaction, and save money for customers by combining our fuel purchasing power and the dispatch of our generating plants."

Rogers will become the executive chairman of the new utility. Both Rogers and Johnson will serve on the combined company's board of directors.

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