Duke Energy files to acquire Piedmont

Duke Energy and Piedmont Natural Gas have filed their application with the North Carolina Utilities Commission seeking regulatory approval of Duke Energy's proposed acquisition of Piedmont announced 26 October 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."

The companies have also 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 13 January 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 22 January 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.

Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/product-news/18012016/duke-energy-files-to-acquire-piedmont-natural-gas-2177/