CHARLOTTE, N.C., Jan. 15, 2016 /PRNewswire/ -- Duke Energy
(NYSE: DUK) and Piedmont Natural Gas (NYSE: PNY) today filed their
application with the North Carolina Utilities Commission seeking
regulatory approval of Duke Energy's proposed acquisition of
Piedmont announced Oct. 26, 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."
Also today, the companies 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 Jan. 13, 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 Jan. 22, 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.
About Duke Energy
Duke Energy is the largest electric
power holding company in the United
States. Its regulated utility operations serve approximately
7.3 million electric customers located in six states in the
Southeast and Midwest, representing a population of approximately
23 million people. Its Commercial Portfolio and International
business segments own and operate diverse power generation assets
in North America and Latin America, including a growing portfolio
of renewable energy assets in the United
States.
Headquartered in Charlotte,
N.C., Duke Energy is a Fortune 250 company traded on the New
York Stock Exchange under the symbol DUK. More information about
the company is available at duke-energy.com
Follow Duke Energy on Twitter, LinkedIn and Facebook.
About Piedmont Natural Gas
Piedmont Natural Gas (NYSE:
PNY) is an energy services company primarily engaged in the
distribution of natural gas to more than one million residential,
commercial, industrial and power-generation utility customers in
portions of North Carolina,
South Carolina and Tennessee, including customers served by
municipalities that are wholesale customers. Its subsidiaries are
invested in joint venture, energy-related businesses, including
unregulated retail natural gas marketing, regulated interstate
natural gas transportation and storage, and regulated intrastate
natural gas transportation businesses. More information about
Piedmont Natural Gas is available at www.piedmontng.com.
Cautionary statements regarding forward-looking
information
This document includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on management's beliefs and
assumptions.
These forward-looking statements are identified by terms and
phrases such as "anticipate," "believe," "intend," "estimate,"
"expect," "continue," "should," "could," "may," "plan," "project,"
"predict," "will," "potential," "forecast," "target," "guidance,"
"outlook," and similar expressions. Forward-looking statements
involve risks and uncertainties that may cause actual results to be
materially different from the results predicted. Such
forward-looking statements include, but are not limited to,
statements about the benefits of the proposed merger involving Duke
Energy or Piedmont, including
future financial and operating results, Duke Energy's or
Piedmont's plans, objectives,
expectations and intentions, the expected timing of completion of
the transaction, and other statements that are not historical
facts. Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
include risks and uncertainties relating to: the ability to obtain
the requisite approvals of Piedmont's shareholders; the risk that Duke
Energy or Piedmont may be unable
to obtain governmental and regulatory approvals required for the
merger, or that required governmental and regulatory approvals may
delay the merger or result in the imposition of conditions that
could cause the parties to abandon the merger; the risk that a
condition to closing of the merger may not be satisfied; the timing
to consummate the proposed merger; the risk that the businesses
will not be integrated successfully; the risk that the cost savings
and any other synergies from the transaction may not be fully
realized or may take longer to realize than expected; disruption
from the transaction making it more difficult to maintain
relationships with customers, employees or suppliers; the diversion
of management time on merger-related issues; and the effect of
changes in governmental regulations. Additional risks and
uncertainties are identified and discussed in Duke Energy's and its
subsidiaries' reports filed with the SEC and available at the SEC's
website at www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than described. Duke Energy undertakes any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media Contacts:
Tom Williams, Duke Energy
24-Hour: 800.559.3853
David Trusty, Piedmont Natural
Gas
704.731.4391
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SOURCE Duke Energy