Shareholders from Duke Energy and Progress Energy have approved the merger of the two companies.

“The merger will increase our ability to more economically modernize our generation fleet and grid while providing significant savings to customers through improved fuel purchasing power and greater plant dispatch efficiency,” said Jim Rogers, Duke Energy chairman, president and CEO. “At its core, the merger enhances both companies' abilities to ensure strong shareholder value, provide exceptional customer service, and deliver affordable and reliable electricity in the face of current high levels of economic, regulatory and industry uncertainty.”

The new company will be the country's largest utility with:

• Approximately US$65 billion in enterprise value and $37 billion in market capitalization (as of Dec. 31, 2010)

• The country's largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories

• Approximately 57 GW of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources

• The largest regulated nuclear fleet in the country.

Bill Johnson, Progress Energy's current chairman, president and CEO, will lead the new company as president and CEO upon completion of the merger. Rogers will serve as executive chairman for two years post merger.

Visit www.progress-energy.com and www.duke-energy.com.