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Duke Energy's Merger and Its Impact on South Carolina Customers

On April 30, 2026, the Public Service Commission of South Carolina approved an agreement regarding the merger of Duke Energy Carolinas and Duke Energy Progress. This merger is poised to deliver significant long-term savings for customers, with projections indicating that they could collectively save billions over time. This combination aims to enhance operational efficiency and reduce costs while benefiting consumers directly, showcasing Duke Energy's commitment to maintaining affordable energy prices amid increasing living costs.

Why This Merger Matters

Duke Energy's South Carolina president, Tim Pearson, expressed optimism about the merger's approval, emphasizing the real, long-term savings it will bring to customers. The merger is part of a strategy to operate as a unified utility, which is expected to meet the energy demands of the Carolinas more effectively and economically than if the two entities were to remain separate. By working together, Duke Energy aims to lower costs and enhance service efficiency, ultimately promoting economic growth in the region.

Key Benefits of the Merger

The following points highlight the anticipated benefits of this merger:

• - Guaranteed Savings: The merger agreement outlines substantial long-term savings for consumers, including hundreds of millions in future customer savings.
• - Reduced Operating Costs: Customers will benefit from lower production costs, achieved by optimizing operations to use less fuel and minimizing reliance on out-of-state energy purchases.
• - Capital Cost Savings: By streamlining operations, Duke Energy plans to eliminate 200 megawatts of battery storage from its long-range plan, ensuring that reliability is maintained while also cutting costs.
• - Accountability for Savings: Duke Energy commits to making up any shortfalls in projected savings, ensuring that customer benefits are protected. The savings will be tracked and reported annually to state regulators over a 14-year period.

Expected Savings Over Time

An analysis presented in October 2025 projected approximately $2.3 billion in net savings for customers from 2027 to 2040, underscoring the financial benefits of combining the two utilities. This figure is expected to increase further into the 2040s and beyond, as Duke Energy adapts and evolves its long-term planning strategies in response to the changing energy landscape.

What's Next?

Before finalizing the merger, approval is still needed from the North Carolina Utilities Commission, with a decision expected in the second quarter of 2026. The Federal Energy Regulatory Commission already granted its approval on January 30, indicating strong regulatory support for this strategic move. Should all necessary approvals be granted, the merger is targeted to take effect on January 1, 2027.

About Duke Energy

Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, is one of the largest energy holding companies in the United States. With a combined operational capacity of 55,700 megawatts across multiple states, Duke Energy serves 8.7 million customers. The company is actively pursuing modernization strategies aimed at enhancing grid reliability and energy efficiency, ensuring that customer needs are prioritized.

For more information about Duke Energy and the anticipated impacts of this merger, please visit duke-energy.com.

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