Duke Energy asking for permission to combine 2 utilities into single entity

CHARLOTTE, N.C. — Duke Energy is asking state and federal regulators to let it combine its two electric utilities in the Carolinas into one entity.

On Thursday, the company said it was requesting permission to merge Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP), which have operated as two separate entities since Duke Energy merged with Progress Energy in 2012. While Duke Energy says this is legally considered a merger, the company's announcement said the proposed combination is more of a reorganization of two corporate divisions into one that promises to save customers more than $1 billion through 2038.

Duke Energy said this would create a single utility that streamlines operations and reduces costs for customers. It aims to officially combine on Jan. 1, 2027.

“Combin