Duke Energy, Piedmont Natural Gas file for merger approval in North Carolina

Merger mania

Duke Energy and Piedmont Natural Gas filed their application with the North Carolina Utilities Commission seeking regulatory approval of Duke Energy's proposed acquisition of Piedmont announced Oct. 26, 2015.

"This transaction will bring an array of benefits to North Carolina's energy consumers and the state's economy, and will not adversely impact Duke Energy's or Piedmont's customer rates or service," said Lynn Good, chairman, president and CEO of Duke Energy. "We look forward to the opportunity to present the transaction and its benefits to the North Carolina Utilities Commission at an upcoming hearing."

Also today, the companies filed with the Tennessee Regulatory Authority for approval of a change in control of Piedmont that will result from Duke Energy's acquisition of Piedmont.

On Jan. 13, 2016, the companies presented information regarding the acquisition to the Public Service Commission of South Carolina and answered commissioners' questions.

The transaction requires approval by Piedmont shareholders, who will vote on the transaction Jan. 22, 2016.

The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.

The companies are targeting a closing of the transaction by the end of 2016.

Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve about 7.3 million electric customers located in six states in the Southeast and Midwest, representing a population of about 23 million people.

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