Duke Energy announced on Mar. 10 that it has reached settlement agreements with several organizations, including the North Carolina Public Staff and the North Carolina Attorney General’s Office, regarding its proposed combination of Duke Energy Carolinas and Duke Energy Progress. The agreement is designed to provide measurable benefits and significant cost savings for customers in both North Carolina and South Carolina.
The settlement is important because it guarantees hundreds of millions of dollars in future savings for customers, which can only be achieved through the merger of the two utilities. These savings are expected to come from more efficient operations and planning, resulting in lower production and capital costs over a 14-year period.
Kendal Bowman, Duke Energy’s North Carolina president, said, “We’re pleased that Public Staff and the Attorney General’s Office agree our customers will see significant future cost savings and other meaningful benefits from combining our two utilities. It reduces customer costs, simplifies operations, promotes regulatory efficiencies and supports economic growth across the Carolinas.”
The agreement includes commitments to track and annually report customer savings until all transaction costs are covered. Additional parties joining the settlement include Google, Nucor, Walmart, as well as advocacy groups such as the North Carolina Housing Coalition, North Carolina Justice Center, North Carolina Sustainable Energy Association, Southern Alliance for Clean Energy, and Vote Solar.
The Federal Energy Regulatory Commission approved the combination on Jan. 30. The proposal still requires approval from state regulators in both North Carolina and South Carolina. Independent orders from these commissions are expected in the second quarter of 2026. If approved, Duke Energy aims to complete the combination by Jan. 1, 2027.
Duke Energy Carolinas currently supplies electricity to 2.9 million customers with a capacity of 20,800 megawatts across a service area spanning both states. Duke Energy Progress serves 1.8 million customers with a capacity of 13,800 megawatts over a similar region.