Duke Energy Is Buying Piedmont Natural Gas for $4.9 Billion

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duke buying piedmont gasDuke Energy is about close on their purchase of The Piedmont Natural Gas company for a total of $4.9 billion – both companies are currently headquartered in Charlotte.

According to a press release, Duke Energy now expects to close on its purchase of Piedmont Natural Gas this coming Monday after the NC Utilities Commission gives its approval.

The acquisition will expand what has already grown into America’s largest electric utility.

Duke Energy currently controls markets throughout North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and now employs over 29,000 people. The deal will add about 1 million customers, and about 1,900 new employees to Duke’s roster.

After the buyout, Piedmont will retain its name, and will operate as a wholly-owned subsidiary of Duke Energy – maintaining its current presence and headquarters in southeast Charlotte.

The companies are currently partners on the $5 billion Atlantic Coast Pipeline. The buy-out would make Duke Energy a 50% owner of the pipeline, a 564-mile natural gas pipeline that will be the first to serve North Carolina. Duke currently owns 40% and Piedmont owns 10%.

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