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Duke Energy has reached settlement agreements with multiple organizations regarding its proposed merger of Duke Energy Carolinas and Duke Energy Progress, the Charlotte-based utility announced on March 10, 2026. Parties involved include the North Carolina Public Staff, North Carolina Attorney General’s Office, Google, Nucor, Walmart, and several energy and advocacy groups.

The settlements guarantee future customer savings, estimated at approximately $2.3 billion between 2027 and 2040, stemming from operational efficiencies and lower production and capital costs. Savings would include reduced fuel use, fewer out-of-state energy purchases, and the elimination of 200 MW of planned battery storage while maintaining reliability. Kendal Bowman, President of Duke Energy North Carolina, said the combination is expected to reduce costs, simplify operations, and support economic growth.

Regulatory approval is still required from the North Carolina Utilities Commission and the South Carolina Public Service Commission. The Federal Energy Regulatory Commission approved the merger on January 30, 2026. If approved at the state level, the combination is targeted to take effect on January 1, 2027.

Duke Energy Carolinas serves 2.9 million customers with 20,800 MW of capacity, while Duke Energy Progress serves 1.8 million customers with 13,800 MW. Collectively, Duke Energy operates 55,100 MW across multiple states and employs approximately 26,400 people.

Source: businessnc.com