Latest news with #DukeEnergyCarolinas
Yahoo
a day ago
- Business
- Yahoo
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
Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
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. Monday Mornings The latest local business news and a lookahead to the coming week. '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 Independent
a day ago
- Business
- The Independent
Duke Energy seeks to merge Carolina utilities, projecting more than $1B in customer savings
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.
Associated Press
a day ago
- Business
- Associated Press
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.
Yahoo
2 days ago
- Business
- Yahoo
Duke Energy looking to combine utility companies in the Carolinas
CHARLOTTE, N.C. (WNCN) — Duke Energy is looking to merge its two subsidiaries in the Carolinas, a move the company says will make it more efficient and lead to reductions in energy costs for customers. The Charlotte-based energy company currently owns Duke Energy Progress — which covers most of the eastern and central parts of North Carolina and South Carolina, including the Triangle — and Duke Energy Carolinas, which services much of the western areas of both states. Since the merger of Duke Energy and Progress Energy in 2012, the two have been run by their parent company as two separate utilities. On Thursday, Duke Energy announced it has formally asked regulators at both the state and federal levels for permission to combine operations with a target merger date of Jan. 1, 2027. 'Although legally considered a merger, the proposed combination is more in line with reorganizing two corporate divisions into one,' the company said in a release. 'This strategic reorganization will create a single utility, streamlining operations and significantly reducing costs for customers.' According to Duke Energy's estimates, the move will save customers over $1 billion in energy costs between the start of 2027 through 2038. 'Combining our two utilities reduces customers costs, simplifies operations, supports economic growth and promotes regulatory efficiencies, all of which create value for customers in both states,' Kodwo Ghartey-Tagoe, Duke Energy Carolinas' executive vice president and CEO, said in the same release. 'There will be no immediate changes to retail customer rates or services. We look forward to sharing more details with our customers on how rates will evolve over time if the combination is approved by regulators.' Duke Energy is one of the largest energy providers in the Southeast and Midwest, serving over 8.6 million customers across six states. In addition to electricity, the company also serves 1.7 natural gas customers across five states. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign in to access your portfolio
