Duke Energy Settles With NC Consumer Advocates, Attorney General Over Merger Proposal

By Elias Schisgall

Duke Energy reached a settlement with consumer advocates and the attorney general in North Carolina over its efforts to merge its two utility businesses in the Carolinas.

Duke said it had guaranteed hundreds of millions of dollars in savings to customers over a 14-year period as part of the settlement, which it said could only be achieved by combining Duke Energy Carolinas and Duke Energy Progress. It didn't provide further details of the settlement.

The settling parties included the North Carolina Public Staff, an independent agency that represents utility customers, as well as the North Carolina Attorney General's office, Walmart, Google and Nucor.

In total, Duke is projecting billions in savings from the merger for customers in North and South Carolina. It cited a new analysis that projected customer savings of about $2.3 billion through 2040.

Duke first announced plans to merge the two utilities in August, describing the proposed combination as "more in line with reorganizing two corporate divisions into one." The two businesses have operated separately since the 2012 merger of Duke Energy and Progress Energy.

The merger is still pending approval by the North Carolina Utilities Commission and the Public Service Commission of South Carolina. Duke is targeting an effective date of Jan. 1, 2027, for the merger.

Write to Elias Schisgall at [e-mail]

(END) Dow Jones Newswires

03-10-26 1410ET