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| Duke Energy |
Those savings came out as Duke (NYSE: DUK) formally asked state regulators in Kentucky and North Carolina to approve the $13.8 billion deal.
The companies also filed a petition with federal regulators to approve their plans to operate the Duke and Progress (NYSE: PGN) power plants in the Carolinas as a single fleet even though the two Carolinas utilities will continue to operate as separate subsidiaries.
Duke intends to complete the purchase of Progress by the end of this year. The combined company will be called Duke Energy Corp. and remain based in Charlotte. It is expected to be the largest regulated power utility in the nation.
The proposed acquisition, was announced in January and is an all-stock transaction. The deal values Progress shares at $46.48 each, or $13.7 billion in total equity value. Duke also will assume $12.2 billion in debt.
Duke counts about 1.1 million customers in Ohio, 235,000 customers in Kentucky, and 790,000 customers in Indiana. Duke provides electricity to about 685,000 customers and natural gas service to 400,000 customers in Southwest Ohio, including parts of Butler and Warren counties.
Duke competes with American Electric Power Co. (NYSE AEP), Constellation Energy Group Inc. (NYSE: CEG), Vectren Corp. (NYSE: VVC) and DPL Inc.(NYSE: DPL), the parent of Dayton Power & Light Co., the largest provider of power to Dayton-area residents and businesses.
Sources: http://www.bizjournals.com
