By Editors of Power Engineering
Duke Energy yesterday announced the completion of its acquisition of Piedmont Natural Gas. Piedmont will retain its name but operate as a business unit of Duke. Both companies will be headquartered in Charlotte, North Carolina.
The acquisition adds Piedmont’s 1 million natural gas customers to Duke’s existing base of 525,000 natural gas customers and 7.4 million electric customers.
The two companies will now begin to integrate Piedmont’s corporate functions (i.e. accounting, human resources, etc.) into the Duke corporate structure.
Last week the North Carolina Utilities Commission approved the acquisition, with the Tennessee Regulatory Authority and Piedmont’s shareholders approving the transaction prior to that. The U.S. Federal Trade Commission also granted early termination of the waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.