Duke, Progress estimate 2,000 job losses in merger

Duke Energy (NYSE: DUK) and Progress Energy (NYSE: PGN) reportedly will tell the North Carolina Utilities Commission they expect to cut 2,000 jobs after the companies merge, 500 more than original estimates provided to regulators. Both companies employ more than 29,000 workers combined.

The Charlotte Business Journal said between 300 and 400 of the jobs are currently vacant positions. An undetermined number are expected to be vacated through voluntary buyouts.

An internal study from the companies’ integration team in June reportedly put the reductions at about 5 percent of the total work force, or 1,500 employees. The new number puts the cuts at about 7 percent of the workforce. Both Progress and Duke have their headquarters offices in the Carolinas and both have reportedly said that a majority of job cuts will come from Charlotte and Raleigh.

Corporate positions in Ohio, Kentucky Indiana and Florida, the other states where Duke and Progress have utility operations, could also be moved or eliminated, the newspaper reported.

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