Duke Progress merger request

Duke Energy Corp. and Progress Energy Inc. filed applications seeking regulatory approval of the merger of the companies, which could create one of the largest utilities in the U.S.

The companies sent requests to the North Carolina Utilities Commission and the Kentucky Public Service Commission seeking approval of the merger. They also sent joint filings to the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and joint proxy statements to the Securities and Exchange Commission.

If approved, Progress Energy would become a wholly-owned unit of Duke Energy. The utilities would continue to operate as separate entities.

The merger is supposed to create approximately $65 billion in enterprise value and $37 billion in market capitalization, supply 57 GW of generating capacity and feature one of the largest regulated nuclear fleets in the country.

The companies expect to close on the merger by the end of 2011.

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