Duke Energy, on the second anniversary of its merger with Progress Energy, completed and placed into service eight transmission line expansion projects it committed to undertake in North Carolina as a condition of federal approval of the July 2, 2012 merger.
Duke Energy built the projects to mitigate the Federal Energy Regulatory Commission‘s merger-related market competition concerns in the state.
“We completed the projects at a cost of $84 million – $26 million below our original $110 million estimate – and put them into service a year ahead of federal regulators’ June 1, 2015 deadline,” said Duke Energy’s chief transmission officer, Caren Anders.
Seven of the projects are located in the company’s Duke Energy Progress service area. One is in the Duke Energy Carolinas service area.
The transmission line projects significantly increase electricity import capabilities in the two service areas, enhancing competitive power supply options in the state.
Duke Energy now can end temporary electricity sales to three outside power trading companies, which also had been required as a condition of federal merger approval.
Duke Energy is on track to meet the $687 million in cumulative customer savings it guaranteed to regulators during the first five years after the merger.
The company also has completed about 400 of more than 600 merger-related integration projects to combine the companies’ pre-merger systems and operations in dozens of areas, including finance, human resources, information technology and power generation.