Duke Energy, Piedmont Natural Gas File with North Carolina Utilities Commission for Acquisition Approval
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CHARLOTTE, N.C. –Â Duke Energy (NYSE: DUK) and Piedmont Natural Gas (NYSE: PNY) today filed their application with the North Carolina Utilities Commission seeking regulatory approval of Duke Energy's proposed acquisition of Piedmont announced Oct. 26, 2015.
"This transaction will bring an array of benefits to North Carolina's energy consumers and the state's economy, and will not adversely impact Duke Energy's or Piedmont's customer rates or service," said Lynn Good, chairman, president and CEO of Duke Energy. "We look forward to the opportunity to present the transaction and its benefits to the North Carolina Utilities Commission at an upcoming hearing."
Also today, the companies filed with the Tennessee Regulatory Authority for approval of a change in control of Piedmont that will result from Duke Energy's acquisition of Piedmont.
On Jan. 13, 2016, the companies presented information regarding the acquisition to the Public Service Commission of South Carolina and answered commissioners' questions.
The transaction requires approval by Piedmont shareholders, who will vote on the transaction Jan. 22, 2016.
The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the acquisition.
The companies are targeting a closing of the transaction by the end of 2016.
About Duke Energy
Duke Energy is the largest electric power holding company in the United States. Its regulated utility operations serve approximately 7.3 million electric customers located in six states in the Southeast and Midwest, representing a population of approximately 23 million people. Its Commercial Portfolio and International business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
About Piedmont Natural Gas
Piedmont Natural Gas (NYSE: PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power-generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities that are wholesale customers. Its subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available at www.piedmontng.com.
Media Contacts:
Tom Williams, Duke Energy
24-Hour: 800.559.3853
David Trusty, Piedmont Natural Gas
704.731.4391
SOURCE Duke Energy
Web Site: http://www.duke-energy.com Â
