Charlotte-based Duke Energy completes purchase of Piedmont Natural Gas

Charlotte-based Duke Energy has completed its $4.9 billion purchase of Piedmont Natural Gas, the companies said Monday.

Piedmont, also based in Charlotte, is retaining its name and will operate as a business unit of Duke Energy, Duke said in a statement.

The deal adds Piedmont’s 1 million natural gas customers to Duke’s existing customer base of 525,000 natural gas customers and 7.4 million electric customers, Duke added. The two companies have said the deal is aimed at expanding their investments in natural gas infrastructure, especially in pipelines and storage

“Uniting Duke Energy with Piedmont Natural Gas is a powerful combination for our customers and the communities we serve,” Lynn Good, Duke Energy’s CEO, said in the statement.

Duke said customers won’t notice many initial differences, such as changes to service phone numbers, billing options or service request procedures. Duke said it will work to integrate Piedmont’s corporate functions – such as accounting, human resources and information technology – into its own. It’s unclear whether the company plans to consolidate or reduce staff.

Piedmont CEO Thomas Skains is retiring, but a Piedmont executive, Frank Yoho, will lead Duke Energy’s natural gas operations after the two companies combine. CEO Good will head the combined company.

Last week, Duke Energy received approval from the North Carolina Utilities Commission, the last step required to close the deal.

This story was originally published October 3, 2016 at 11:05 AM with the headline "Charlotte-based Duke Energy completes purchase of Piedmont Natural Gas."