Facility & Company Information > Duke

Duke & Progress merger!

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ToadSuck:
Sure we can check what the media says, but I figure we could get some insider rumors/info as well.

redline:
I've said it before on here about different topics, but it applies here also. I someone truly knows the answers you seek...they darn sure are not going to post it here. If they post it here then you can rest assured its rumor! All merger related talk is made public at the same time it's given to employees, there's no insider. Just released though...compensation packages for both companies will remain virtually unchanged for 2012. After that only "they" know!

Dave Warren:
Duke Energy and Progress Energy have announced a merger agreement to combine the two companies. Subject to shareholder and regulatory approval, the merger of Duke Energy and Progress Energy will create the nation’s largest utility, with more than 7 million customers in six regulated service territories – North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio. The two companies’ mix of coal, nuclear, natural gas, oil and renewable resources will total approximately 57 gigawatts of U.S. generating capacity. The combined company will be called Duke Energy and headquartered in Charlotte, N.C.


The Settlement Agreement includes the following terms and conditions:
(1) DEC and PEC guarantee that South Carolina retail customers  will  receive their
allocable portion of $650 million in savings to be achieved over the first five (5)
years following the closing of the merger.  
(2) DEC and PEC  will provide community support and charitable contributions for
four  (4)  years at a level no less than the average of each company’s
contributions over the past five (5) years.
(3) DEC and PEC will contribute a total of $3.75 million for purposes such as
workforce development and low-income energy assistance in the first year
following the closing of the merger, to be distributed as mutually agreed upon by
the ORS, DEC, and PEC.
(4) DEC and PEC agreed to a Most Favored Nation’s Clause that will allow South
and North Carolina customers to receive jurisdictionally equivalent benefits.  Page 2 of 2
(5) The ORS has reserved its right and will address all issues related to the  Joint
Dispatch Agreement (JDA) before the Public Service Commission of South
Carolina (Commission).
(6) The parties agree, with respect to capital costs and severance costs incurred to
generate future savings, that the Public Service Commission of South Carolina
(Commission) will be the ultimate decision maker as to whether the capital and
severance costs should be included or excluded in any general rate case filed
before December 31, 2014. DEC and PEC may request recovery of such costs,
and the ORS has reserved its right to oppose such costs.
(7) DEC’s and PEC’s South Carolina retail customers shall be held harmless from all
current and prospective liabilities of Florida Progress Corporation and its
subsidiaries from any outages at and repairs of Crystal River 3, among other
matters. Additionally, DEC’s and PEC’s South Carolina retail customers shall be
held harmless from all current and prospective liabilities of Duke Energy
(unrelated to DEC and PEC) and Cinergy Corp. and its subsidiaries from  costs
associated with the Edwardsport plant in Indiana

http://www.duke-energy.com/progress-energy-merger/assets/pdfs/DE-PE-combined-map.pdf

The combined company, to be called Duke Energy, will be the country’s largest utility, with:
1. Approximately $65 billion in enterprise value and $37 billion in market capitalization
2. The country’s largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio
3. Approximately 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources
4. The largest regulated nuclear fleet in the country.

spentfuel:
Did you say Duke and pay and Benni's in the same sentence ???

Ain't that a bit like army intelligence ??

ChiefRocscooter:
Was'nt looking for a disertation of the "facts" on merger.  More intrested in see if any progress guys have any scoop they wanted to share, and then would take it offline to PM/ other methods to communicate.  Already now there are pay and shift manning issues we are taking to match up just wondering what was happening on the "other side".

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