Duke Energy, Piedmont agree with industrial customers on acquisition terms

Duke Energy and Piedmont Natural Gas reached terms Tuesday with a group of N.C. industrial customers on Duke’s $4.9 billion acquisition of Piedmont.

The agreement with Carolina Utility Customers Association guarantees that Duke’s residential, business and industrial customers will share in $35 million in power plant fuel and related savings by the end of 2017. That period may be extended another 18 months under certain conditions.

North Carolina’s Public Staff, which represents utility customers, reached agreement with Duke and Piedmont last week on added conditions of the acquisition. A hearing before the N.C. Utilities Commission will begin July 18.

Bruce Henderson: 704-358-5051, @bhender