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Duke, Cinergy to Merge

By Eric McErlain
It's been a busy morning, so I haven't had time for the usual Monday news clips, but I had to make time for this very important announcement just off the wire:
Cinergy (CIN) and Duke Energy (DUK) today announced they have entered into a definitive merger agreement to create an energy company with approximately $36 billion in market capitalization and 5.4 million retail customers.

The merger, which was unanimously approved by both companies' boards of directors, will create a combined energy company with assets totaling more than $70 billion.

The combined company, to be named Duke Energy Corporation, will have approximately $27 billion in annual revenues and $1.9 billion in annual net income (combined figures as of Dec. 31, 2004). It will own and/or operate approximately 54,000 megawatts of electric generation domestically and internationally -- relying on a diverse fuel mix of nuclear, coal, natural gas and hydroelectric power to meet customers' needs.

More later.

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Comments

Norris McDonald said…
Wow. This is BIG news. Two of my favorite companies are getting married. I hope I at least get an invite to the reception. I'll bet there will be plenty of shrimp, half shells, crab meat, vino and other assorted goodies.

Does anyone have a convenient list of their combined nuclear plants? Wow again. The utility industry moves fast in some areas. What are the implications here?
May 9, 2005 at 6:15 PM
Kelly L Taylor said…
Norris,
Their combined nuclear capacity is the same as Duke's nuclear capacity alone.
"Cinergy is one of the largest non-nuclear electric suppliers in the U.S...." OK, make that 'was!'

http://www.cinergy.com/About_Cinergy_Corp/Corporate_Overview/default_corporate_fact_sheet.asp

Kelly
May 9, 2005 at 8:38 PM
Kelly L Taylor said…
This comment has been removed by a blog administrator.
May 9, 2005 at 8:42 PM
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