Duke Energy Files Merger Applications in North Carolina and South Carolina
July 18, 2005
CHARLOTTE -- Duke Energy (NYSE:DUK) today filed applications with regulators in North Carolina and South Carolina seeking approval of the company's planned merger with Cinergy.
In applications filed with the North Carolina Utilities Commission and the Public Service Commission of South Carolina, Duke said the planned combination will create a larger, more diversified and financially stronger company. The increased scale and scope of the combined company will position it well to meet future energy and infrastructure needs.
"For more than a century, our customers in the Carolinas have counted on Duke Power for reliable electric service at a cost well below the national average," said Ruth G. Shaw, president and chief executive officer of Duke Power. "The efficiencies, scale, and shared best practices resulting from the Cinergy merger will help us continue our century-long tradition of low-cost, reliable service for customers."
Today's filings note that by combining resources and best practices, the merger will result in significant cost savings and other operational efficiencies. These improvements offer both strategic and financial advantages in serving customers in North Carolina and South Carolina, and elsewhere. The company anticipates that savings will be shared between customers and shareholders over time in an equitable manner.
The new Duke Energy and Duke Power will maintain their headquarters in Charlotte. Duke Energy's role as a strong corporate citizen, taxpayer and employer in both North Carolina and South Carolina will continue.
Duke Power, a business unit of Duke Energy, is one of the nation's largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: http://www.dukepower.com/.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.
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