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Duke Energy Finalizes Purchase of Piedmont Gas, Low-Income Assistance Promised

October 7, 2016—Duke Energy finalized its planned acquisition of Piedmont Gas this week after announcing its plans to purchase the gas company for $4.9 billion last October. Approval from the North Carolina Utilities Commission was the final step after the Tennessee Regulatory Authority and Piedmont's shareholders had previously voted to support the merger.

Duke Energy will add Piedmont Gas’ one million customers to its current 525,000 gas customers and 7.4 million electric customers. Spokesperson Tom Williams stated that the two companies were dedicated to providing “$7.5 million to low-income household energy assistance and community workforce development programs in North Carolina, and $1.6 million in South Carolina, during the first year after the acquisition.” In addition, the companies have committed to making annual community and charitable donations of at least $17.5 million from 2017 to 2020 in North Carolina, and $3.55 in South Carolina.

Sources: News sources and press releases