Duke Energy Corporation
Acquisitions
3
Major Deals Covered
This page covers 3 major deals from 2006 to 2016, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Cinergy | 2006 | Undisclosed | Added regulated utilities in Ohio, Indiana and Kentucky and brought Cinergy CEO Jim Rogers to lead the combined company. |
| Progress Energy | 2012 | Undisclosed | All-stock merger that added Progress Energy Carolinas and Progress Energy Florida, making Duke the largest U.S. electric utility by customers. |
| Piedmont Natural Gas | 2016 | Undisclosed | Expanded regulated natural gas distribution in the Carolinas and Tennessee. |
2016
Expanded regulated natural gas distribution in the Carolinas and Tennessee.
Made gas distribution Duke's second regulated segment, now about 9% of revenue.
Duke sold the Tennessee portion of Piedmont to Spire for $2.48 billion, closing March 31, 2026; Carolinas operations remain.
2012
All-stock merger that added Progress Energy Carolinas and Progress Energy Florida, making Duke the largest U.S. electric utility by customers.
Created the Duke Energy Progress and Duke Energy Florida subsidiaries and expanded the regulated rate base.
Integration succeeded operationally, though the board's replacement of Progress CEO Bill Johnson hours after closing drew regulatory scrutiny in North Carolina.
2006
Added regulated utilities in Ohio, Indiana and Kentucky and brought Cinergy CEO Jim Rogers to lead the combined company.
Growth comes from regulated capital spending. In February 2026 Duke raised its five-year plan to $103 billion for 2026-2030, with most of it going to grid infrastructure and new generation, including more than 5 GW of natural gas plants under construction, solar and battery storage, and nuclear license renewals. Duke is also recycling capital: it sold Piedmont's Tennessee gas business to Spire for $2.48 billion (closed March 31, 2026) and is selling a 19.7% stake in Duke Energy Florida to Brookfield for $6 billion, with the first $2.8 billion tranche for 9.2% already closed.
Duke Energy runs a cost-of-service utility model. In its core territories it is the franchised provider, so it does not compete for most retail customers. State commissions and FERC set rates that let Duke recover operating and fuel costs and earn an authorized return on its rate base, the depreciated value of plants, wires and pipes. Earnings grow when Duke invests capital that regulators approve for recovery. About 90% of revenue comes from regulated electric service and roughly 9% from regulated gas distribution.
In July 2012, Duke Energy completed a $32 billion megamerger with Raleigh-based Progress Energy (formerly CP&L and Florida Power), creating the largest electric utility in the United States and uniting utility service across North Carolina, South Carolina, and Florida.
In October 2016, Duke Energy acquired Charlotte-based Piedmont Natural Gas for $4.9 billion, adding 1 million natural gas customer accounts and securing critical gas pipeline distribution infrastructure across the Carolinas and Tennessee.
In April 2006, Duke Energy completed a $9 billion merger with Cincinnati-based Cinergy Corporation (led by Jim Rogers), expanding Duke Energy's regulated utility footprint into Ohio, Indiana, and Kentucky.
In 2023, Duke Energy sold its utility-scale Commercial Renewables portfolio (3,400 MW of wind and solar assets) to Brookfield Renewable for $2.8 billion to eliminate merchant power volatility and focus 100% of capital on regulated electric utilities.
Progress Energy was formed through the historic 2000 merger of Carolina Power & Light (CP&L, founded 1908) and Florida Progress Corporation (parent of Florida Power Corp, founded 1899), assembling the premier utility network in the Carolinas and Central Florida.
In 2021, Duke Energy sold a 19.9% non-controlling minority interest in Duke Energy Indiana to sovereign wealth investor GIC for $2.05 billion, raising non-dilutive capital to fund electric grid modernization and coal plant retirements.
Under Sideris, Duke focuses on organic regulated investment and capital recycling rather than large acquisitions, including selling Piedmont's Tennessee business and minority stakes in its Florida utility.
Duke agreed in 2025 to sell Piedmont's Tennessee gas utility to Spire for $2.48 billion (closed March 31, 2026) and a 19.7% stake in Duke Energy Florida to Brookfield for $6 billion, with the first $2.8 billion tranche closed in 2026.
Yes, in 2012, Duke executed a massive $13.7 billion merger with Progress Energy. It was incredibly controversial because, literally hours after the merger closed, the Duke board suddenly fired the Progress Energy CEO (who was supposed to lead the combined company), sparking massive regulatory investigations.
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