In the first of several required regulatory filings, Cinergy Corp. and Duke Energy on Wednesday filed an application with the Public Utilities Commission of Ohio (PUCO) that seeks approval of their merger agreement by the end of this year. Duke announced the $9 billion merger last month (see NGI, May 16).
In the application, the companies said the transaction will be seamless for the customers of Cinergy's Ohio subsidiary, The Cincinnati Gas & Electric Co. (CG&E), and said the merger will create a financially stronger organization that will continue CG&E's record of reliable electric and gas service to its customers at reasonable rates. The combined company also pledges to continue to support economic development and philanthropic activities in its Ohio service area.
"Our Ohio customers will continue to experience high quality service, and we will continue to be a major participant in the community," said CG&E President Greg Ficke. "In the years after the transaction is completed, efficiencies and economies of scale from the larger company will provide benefits to both customers and shareholders."
Cincinnati will continue to be the headquarters for Cinergy's regulated operations in Ohio, Indiana and Kentucky, as well as the headquarters of CG&E. The merger will have no effect on the regulation of gas and electric distribution service by the PUCO, and CG&E's customer rates will continue to be set by the PUCO.
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