Duke & Progress merger!

[ChiefRocscooter]

OK surprised we have no merger talk on here!  Anyone got any scoop on whats gonna happen with operator pay & bene's?

[ToadSuck]

I just signed my offer to come to Oconee as a NEO, so I am definitely interested.

[Fluffy Bunny]

OK surprised we have no merger talk on here!  Anyone got any scoop on whats gonna happen with operator pay & bene's?

They don't have internet south of the Mason Dixon line.

[Contract SRO]

They don't have internet south of the Mason Dixon line.

LOL

Al Gore wouldn't let it come down south

[Gamma Glue]

They don't have internet south of the Mason Dixon line.

They do. You can go to the White House web site and check out the President's Birth certificate to prove it.

[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".

[Duke Nuker]

While it is a big watercooler story over here at Progress, we were told not to talk about it publicly or with our future Duke counterparts under penalty of termination or worse. When Legal Day One, whenever that happens......occurs, we can talk about it.

[ChiefRocscooter]

Funny they never gave the operators such a "speach", llikely figured it would be like telling a bunch of kids to be quiet.  Works for a min or two but then they go right back to blabing!

[redline]

Funny they never gave the operators such a "speach", llikely figured it would be like telling a bunch of kids to be quiet.  Works for a min or two but then they go right back to blabing!

Maybe a little less time on Nukeworker and more time on the Portal and you would know you have the same exact instructions fro your employer!

[ChiefRocscooter]

If you refer to;

"Duke Energy and Progress Energy Employees Should Limit Contact"

I read before I asked anything and as you will note I am no where close to any of the limited areas of communication.  Beside the areas it talks about are thing I would not want to know about anyway .  I guess since the other guys have been given some specific directions we will just have to wait it out and see what is coming.

[drayer54]

Also, she says the takeover is tentatively scheduled for april2012.
Coming from a crystal river ops hiring manager, unsure of position.

Hiring manager at another plant within the same company told me that it would be done January 1st of this year. She was trying to rush people in before that deadline....

Hiring manager at the other Progress plant with more desirable location said that he had no damn clue and that I knew as much as he did.

I trust the second one....

[Higgs]

I would caution some people to be careful about appearing to speak for a company or posting hearsay.

[Fermi2]

Starkist it isn't very cool mentioning the person you got that info from.

[rlbinc]

Do NOT let them cut your containment.
Just sayin . .

[HydroDave63]

Do they have any spare 1700 MWt rated steam generators layin around?

[OldHP]

Hiring manager at another plant within the same company told me that it would be done January 1st of this year. She was trying to rush people in before that deadline....  Hiring manager at the other Progress plant with more desirable location said that he had no damn clue and that I knew as much as he did.  I trust the second one.... 

Along with Starkist's deleted statement!

Sometimes, mergers seem like takeovers and sometimes takeovers seem like mergers.  But, the corporate position is the same.  HR/requiters positions and statements and other employees of either company should not be quoted or taken as acompany position!

However, when this gets through regulatory approval the CEO of Progress will be the CEO of Duke (he will have to move to Charlotte from Raleigh), but does that sound like an unfriendly takeover?

[Starkist]

Along with Starkist's deleted statement!

Sometimes, mergers seem like takeovers and sometimes takeovers seem like mergers.  But, the corporate position is the same.  HR/requiters positions and statements and other employees of either company should not be quoted or taken as acompany position!

However, when this gets through regulatory approval the CEO of Progress will be the CEO of Duke (he will have to move to Charlotte from Raleigh), but does that sound like an unfriendly takeover?

Well..... they are going to remain being called "Duke Energy"... 11 of 18 of the board of directors will be from duke as well....


Not "hostile", but doesnt sound "equal" to me :p

[HydroDave63]

Not "hostile", but doesnt sound "equal" to me :p

Money: One of the ways grown-ups keep score