Duke Energy completes Piedmont acquisition
Duke Energy’s acquisition of Piedmont Natural Gas is now completed, with the transaction closing on Monday.
The acquisition will nearly triple Duke Energy’s natural gas customer base, adding one million Piedmont customers to its existing 525,000 customers. Natural gas still comprises only slightly more than 17 percent of Duke Energy’s clientele, with 7.4 million of their customers subscribed to their electrical services.
In the coming months, Duke Energy will move toward full integration of Piedmont’s corporate functions into its own structure, melding areas of responsibility such as accounting, human resources and information technology into Duke Energy’s existing organization.
“Uniting Duke Energy with Piedmont Natural Gas is a powerful combination for our customers and the communities we serve,” Lynn Good, chairman, president and CEO of Duke Energy, said.
Piedmont will continue to operate under its own name, functioning as a unit of Duke Energy and permitting customers to continue doing business with both Piedmont and Duke. Customers will experience few changes to their regular interactions with Piedmont, with amenities such as customer service phone numbers, billing options and service request procedures remaining unaffected.
The acquisition was approved last week by the North Carolina Utilities Commission, after already receiving authorization from the Tennessee Regulatory Authority as well as Piedmont’s shareholders.
