Duke Energy completes acquisition of Piedmont Natural Gas

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Duke Energy said it has completed its acquisition of Piedmont Natural Gas, closing the transaction effective Oct. 3.

Piedmont will retain its name and operate as a business unit of Duke Energy. Both companies are headquartered in Charlotte.

The acquisition will add Piedmont’s 1 million natural gas customers to Duke Energy’s existing customer base of 525,000 natural gas customers and 7.4 million electric customers.

“Uniting Duke Energy with Piedmont Natural Gas is a powerful combination for our customers and the communities we serve,” said Lynn Good, chairman, president and CEO of Duke Energy.

There will be no immediate changes in customer service phone numbers, billing options or service request procedures, Duke officials said.

Internally, Duke Energy will be working to integrate Piedmont’s corporate functions – such as accounting, human resources and information technology – into Duke Energy’s structure.

The North Carolina Utilities Commission approved the acquisition – the final regulatory ruling needed to complete the transaction.

The Tennessee Regulatory Authority and Piedmont’s shareholders previously approved the transaction, and the United States Federal Trade Commission has granted early termination of the waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.

Duke Energy, one of the largest electric power holding companies in the United States, supplies and delivers electricity to approximately 7.4 million customers in the Southeast and Midwest representing a population of approximately 24 million people.

The company also distributes natural gas services to more than 1.5 million customers in the Carolinas, Ohio, Kentucky and Tennessee.

Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK.

 

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