Press Mention Spectrum Local News March 9, 2026
SACE Referenced
Settlement agreement reached in Duke Energy merger proposal
In this mention
Duke Energy announced a settlement agreement with multiple organizations, including the Southern Alliance for Clean Energy, regarding its proposed merger of Duke Energy Carolinas and Duke Energy Progress. The merger, approved by FERC in January 2026, includes commitments to deliver $110 million in measurable benefits to South Carolina customers by 2041, with annual tracking and reporting to state regulators. The agreement now awaits approval from the Public Service Commissions of South Carolina and North Carolina, with potential implementation on January 1, 2027.
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Settlement agreement reached in Duke Energy merger proposal
BY
Elizabeth Martinez
South Carolina
PUBLISHED 4:23 PM ET Mar. 10, 2026PUBLISHED 4:23 PM EDT Mar. 10, 2026
GREENVILLE, S.C. — Duke Energy announced it reached a settlement agreement with several organizations after it announced plans to merge its operations in the Carolinas.
In Aug. 2025, the company submitted filings for approval with state and federal lawmakers to allow Duke Energy Carolinas and Duke Energy Progress to act as one. The two entities have operated separately since the merger of Progress Energy and Duke Energy in 2012.
Company officials said the merger could significantly reduce costs for customers by $2.3 billion from 2027 through 2040, while keeping operations up to speed with growing demands.
"Combining our two utilities reduces customer costs, simplifies operations, supports economic growth and promotes regulatory efficiencies, all of which will create value for customers in both states," said Kodwo Ghartey-Tagoe, executive vice president and CEO of Duke Energy Carolinas at the time of the filing.
If the company cannot achieve the "Targeted Measurable SC Benefits" of $110 million by 2041, Duke Energy's shareholders will cover the difference.
Additionally, Duke Energy agreed to track and report customer savings each year to state regulators until the merged operations cover its estimated costs over the 14-year period.
Settling parties include:
- The South Carolina Office of Regulatory Staff
- Nucor Steel-South Carolina
- Walmart Inc.
- South Carolina Coastal Conservation League
- Southern Alliance for Clean Energy
- Upstate Forever
- Vote Solar
- The Sierra Club
The merger was approved by the Federal Energy Regulatory Commission on Jan. 30.
It now awaits approval from the Public Service Commission of South Carolina and North Carolina. If approved, the company said the merger could take effect Jan. 1, 2027.
"As energy costs continue to rise, it is critical that Duke's merger will result in meaningful savings for South Carolina customers. We are optimistic that the agreement will ensure those savings are tracked and achieved while supporting broader efforts to deliver clean and affordable energy solutions for our communities," said Michael Coleman, State Policy Director at Upstate Forever.