New department to be formed for welfare of overseas Rajasthanis: CM Sharma
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Duke Energy seeks to merge Carolina utilities, projecting more than $1B in customer savings
CHARLOTTE, N.C. (AP) — Duke Energy Corp. says its move to combine electric utility subsidiaries in North and South Carolina into one entity could save customers more than $1 billion over a decade. The Charlotte-based utility said it formally asked federal and state regulators on Thursday for permission to join together Duke Energy Carolinas and Duke Energy Progress, which have several million customers. The savings would come in part from streamlining operations and spreading out infrastructure expenses. The two entities have operated separately since the 2012 merger of Duke Energy and Raleigh-based Progress Energy. Duke Energy, which likens the request to moving two company divisions into one, said in a news release that it wants the change to be effective Jan. 1, 2027. The two entities combined own 34,600 megawatts of energy capacity, producing electricity for 4.7 million residential, commercial and industrial customers in service areas covering 52,000 square miles (134,680 square kilometers). Duke Energy is the dominant electric utility in North Carolina. Under the current setup, Duke Energy must maintain four different retail-rate structures — two for each subsidiary in each state — and produce four annual filings for state regulators who approve rates — creating confusion for the public. If the combination is approved, the company said, rates would blend gradually between the sets of customers. The company says a combination means fewer resources would be needed to meet electric demands compared to if the two entities remained separate. They could run fewer energy production units, using less fuel and spending less on maintenance, the release said. The two entities already work together on managing electricity demand and other efficiencies. 'Combining our two utilities reduces customer costs, simplifies operations, supports economic growth and promotes regulatory efficiencies, all of which will create value for customers in both states,' said Kodwo Ghartey-Tagoe, executive vice president and CEO at Duke Energy Carolinas. 'There will be no immediate changes to retail customer rates or services.' Duke Energy, one of the nation's largest electric holding companies, said it projects retail customer savings from the combination to reach more than $1 billion through 2038. That's after any expenses, with additional savings expected after that. Duke Energy Carolinas' coverage area spans much of central and western North and South Carolina, including Charlotte and Durham in North Carolina, and Greenville and Spartanburg in South Carolina. Duke Energy Progress generally covers eastern and central North and South Carolina -- including Raleigh, Fayetteville and Wilmington in North Carolina and Florence and Sumter in South Carolina. But its coverage area also includes Asheville, North Carolina, in the west. The combination needs approval from North Carolina Utilities Commission, the Public Service Commission of South Carolina and the Federal Energy Regulatory Commission. They would all continue to regulate the combined utility. The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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US Naval Academy gets first Marine superintendent
ANNAPOLIS, Md. (AP) — Lt. Gen. Michael Borgschulte became the first Marine Corps officer to be superintendent of the U.S. Naval Academy in its 180-year history on Friday. Borgschulte was deputy commandant for Manpower and Reserve Affairs in Quantico, Virginia, before being nominated to be the 66th superintendent of the military academy in Annapolis. Borgschulte, who graduated from the academy in 1991, said he would safeguard its proud traditions while preparing future generations of officers for the challenges of an increasingly complex world. 'The academy exists not to pursue academic rankings or institutional accolades — yes, we have those — but to fulfill a sacred mission, and that's to develop the next generation of Navy and Marine Corps officers who will protect and defend the freedoms we as Americans so often take for granted,' Borgschulte said during a ceremony marking the change in command. John Phelan, the secretary of the Navy, called Borgshulte 'a decorated naval aviator and a veteran of three combat tours in Iraq and Afghanistan who's led sailors and marines at all levels.' 'He is someone who his fellow marines describe as a military hybrid of modern tactics and ancient attitudes,' Phelan continued, adding that he oversaw the highest recruitment and retention in Marine Corps history and will further cultivate 'a culture of winning and warfighting here at the academy.' 'Get ready, midshipmen. It's time to buckle your chinstraps,' Phelan said. This year the academy commissioned 776 Navy ensigns and 258 second lieutenants in the Marine Corps. Borgschulte replaces Vice Adm. Yvette Davids, who in January 2024 became the first woman to be superintendent. Davids is moving to the Pentagon to be deputy chief of naval operations for Operations, Plans, Strategy and Warfighting Development. Phelan said Davids fulfilled her role with distinction and she is the best person for the Pentagon post. 'Vice Adm. Davids' experience, operational record and strategic mind made her the natural fit for the job and will serve her and the Navy well in this future role,' Phelan said. Solve the daily Crossword
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Crypto exchange Gemini makes US IPO filing public
(Reuters) -Cryptocurrency exchange Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, on Friday made public its paperwork for a U.S. initial public offering, joining a wave of digital asset companies seeking to tap public markets. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
