DUKE ENERGY + CINERGY = THE NEW DUKE ENERGY
Combined North American Assets
With this merger, our newly combined power business joins our natural gas businesses to rank among the largest in North America. While the merger benefits our entire company and all of its stakeholders, the key advantages are largely related to our electric business:
- The combined strength and diversity of our franchised electric utilities put us in a better position for sustained growth, and our greater size and scope give us a stronger platform for participation in the consolidation of the electric power industry.
- We will continue to grow our earnings by investing in the expansion and reliability of our operations — focusing on new generating capacity, environmental controls and the modernization of our power delivery system.
- In our competitive supply markets, we will reap the benefits of fuel, asset and geographic diversity.
- Approximately $650 million in net cost savings aggregated over the first five years will be shared equitably with customers and shareholders.
- Our public voice on energy and environmental policy issues will be stronger and heard more broadly.
- We can better maintain our commitments to support our communities and to be the “employer of choice.”
- Most importantly, this merger reinforces our focus on understanding and balancing the needs of all of our stakeholders, which is fundamental to continued leadership as a sustainable business.
President and CEO Jim Rogers (left) is responsible for the company’s day-to-day operations and business decisions, while Chairman Paul Anderson’s role focuses on high-level strategy development and management succession.
With the merger, some of our business names have changed. What has not changed is their commitment to our shared purpose: to create value for our investors, customers, communities and employees.
Our U.S. franchised electric and gas utilities — formerly Duke Power in the Carolinas, Cincinnati Gas & Electric in Ohio, Union Light, Heat and Power in Kentucky and PSI Energy in Indiana — are now known simply as Duke Energy.
Cinergy Solutions is now Duke Energy Generation Services. Duke Energy Americas, Duke Energy International, Duke Energy Gas Transmission, Duke Energy Field Services, Crescent Resources and Union Gas, our local distribution company in Canada, retain their names.
The following summaries recap the primary accomplishments of our major businesses in 2005 and their main areas of focus going forward.
These leaders are the face of Duke Energy in their business communities (from left): Bill Easter, president and CEO, Duke Energy Field Services; Martha Wyrsch, president, Duke Energy Gas Transmission; Art Fields, president and CEO, Crescent Resources; Ellen Ruff, president, Duke Energy Carolinas; Sandra Meyer, president, Duke Energy Ohio and Kentucky; Kay Pashos, president, Duke Energy Indiana; and Richard McGee, president, Duke Energy International.
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