Download
HTML Embed
HTML EMBED
Click to Copy

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Make Me Smart with Kai and Molly
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy

Duke Energy announce plans to buy Progress Energy for $14 billion

John Dimsdale Jan 10, 2011
Share Now on:
HTML EMBED:
COPY

TEXT OF STORY

STEVE CHIOTAKIS: The nation’s third largest electric utility, Duke Energy, announced today it’s gonna buy Progress Energy for about $14 billion. The combined companies would become the largest power company in the country. But energy regulators have to approve.

From Washington, here’s Marketplace’s John Dimsdale.


JOHN DIMSDALE: Together, Duke and Progress would become a huge electric utility stretching from Ohio to Florida. Their deal continues a consolidation trend in the utility industry. There were eight mergers last year. Rod Kuckro is the chief editor of Platts Daily Electricity News. He says regulators usually set conditions on such deals like forcing merging utilities to sell power plants that are too close together.

RED KUCKRO: Or they extract concessions having to do with maintaining employee levels for some period of time or giving back concessions to ratepayers in terms of lower rates.

The deal makers say customers will benefit when the two companies combine their fuel purchasing power … and from more efficient operations. That will probably mean some job cuts. Duke got rid of 1,500 jobs when it took over Cincinnati-based Cinergy in 2006.

In Washington, I’m John Dimsdale for Marketplace.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.

Make a good investment!

Looking for a great deal?
Get ALL THREE of our new thank-you gifts when you donate $120.

This is a limited time offer – so act soon!