Monday, April 03, 2006

Duke Energy Buys Cinergy In $9 Billion Acquisition

Duke Energy Corp of Charlotte, NC acquired Cinergy Corp of Cincinnati, OH for $9 billion this week creating one of the nation’s largest utilities with 5.4 million customers and $70 billion in assets. Federal authorities and state regulators in Ohio, Indiana, Kentucky, and South Carolina along with North Carolina also approved the deal. Duke Power in the Carolinas, Cincinnati Gas & Electric in Ohio, Union Light, Heat and Power in Kentucky, and PSI Energy in Indiana are now known as Duke Energy. The N.C.Utilities Commission placed more than 70 conditions on the company, including a requirement that Charlotte-based Duke Energy give North Carolina customers a $117.5 million across-the-board cut in their electricity bills for one year.

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