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 cost savings for customers in both North Carolina and South Carolina.
The settlement is significant 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.”
Other 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. However, approvals are still required from both the North Carolina Utilities Commission and the Public Service Commission of South Carolina. Independent orders from these state regulators are expected in the second quarter of 2026.
If approved by state regulators, Duke Energy will track and report annual customer savings until all transaction costs have been covered. The targeted effective date for completing the combination is Jan. 1, 2027.
Duke Energy Carolinas currently supplies electricity to 2.9 million customers across a 24,000-square-mile area in North Carolina and South Carolina with an energy capacity of 20,800 megawatts. Duke Energy Progress serves 1.8 million customers over a larger area with a capacity of 13,800 megawatts.
