Duke Energy reaches agreement with South Carolina customer groups and others on proposed combination of Duke Energy Carolinas, Duke Energy Progress

• Settlement guarantees hundreds of millions of dollars of savings to Duke Energy customers

GREENVILLE, S.C., March 10, 2026 /PRNewswire/ -- Duke Energy and a variety of organizations have reached a settlement agreement in South Carolina on the proposed combination of Duke Energy Carolinas and Duke Energy Progress designed to provide measurable, trackable benefits for customers.

Details of the settlement can be found here.

Our view: "Ensuring a win-win for our customers was a priority for Duke Energy and everyone involved in achieving this constructive settlement," said Tim Pearson, Duke Energy's South Carolina president. "We're grateful to the parties that recognize that this transaction, if approved under the settlement terms, would be in the best interest of our customers. It reduces customer costs, simplifies operations, promotes regulatory efficiencies and supports economic growth across the Carolinas."

Why it matters: Combining Duke Energy Carolinas and Duke Energy Progress will enable Duke Energy to meet the Carolinas' growing energy needs at a lower cost than would otherwise occur, with estimated savings of billions in projected future costs shared by customers across both states.

As part of the settlement, Duke Energy has guaranteed hundreds of millions of dollars of future savings to customers – savings that can only be achieved through the combination. These savings include both lower production costs (through more efficient operation) and lower capital costs (through more efficient planning).

Examples of production cost savings include the ability to use less fuel and the ability to avoid or reduce purchases of out-of-state energy. An example of lower capital costs includes the elimination of 200 megawatts of battery storage from Duke Energy's long-range plan while still maintaining reliability. The guaranteed savings will be assessed over a 14-year period.  

More savings are expected over time as the company's long-range plan evolves. A new analysis of the potential cost savings was filed in October based on updated modeling supporting the 2025 South Carolina IRP Update – that analysis projected customer savings of approximately $2.3 billion from 2027 to 2040, after any expenses, with additional savings expected in the 2040s and beyond.

Per the agreement, if the combination is approved, Duke Energy will track and annually report to state regulators the customer savings achieved until the transaction has fully covered its costs.

What's next: The Public Service Commission of South Carolina and North Carolina Utilities Commission must still approve the combination, which was approved by the Federal Energy Regulatory Commission on Jan. 30. Independent orders from state regulators are expected in the second quarter of 2026. If approved, the targeted effective date of the combination is Jan. 1, 2027.

Duke Energy Carolinas 

Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,800 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.  

Duke Energy Progress 

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.8 million residential, commercial and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina. 

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Ryan Mosier
24-hour media line: 800.559.3853

SOURCE Duke Energy