Duke Energy will be a name heard 'round the world when the merger between itself and Progress Energy, Inc., in a $26 billion transaction, will define the United States’ energy business. The two companies proposed stock for stock transaction will create the largest utility in the States, with excess value of $65 billion.

Merging 7.1 million electric customers throughout North Carolina, Florida, Indiana, Kentucky and Ohio, this fusion would make available 57 gigawatts of domestic capacity in coal, nuclear, natural gas, oil and renewable. “Our industry is entering a building phase where we must invest in an array of new technologies to reduce our environmental footprints and become more efficient,” said Jim Rogers, chairman, president and CEO of Duke Energy. “By merging our companies, we can do that more economically for our customers, improve shareholder value and continue to grow.”

The proposal only needs approval from North and South Carolina regulators, who have in the past created roadblocks for such large transactions – as this move would make Duke Energy the largest generator for electricity in the Midwest - the progress would only halt following regulators disapproval.

“It makes clear strategic sense and creates exceptional value for our shareholders,” said CEO, chairman and president of Progress Energy Bill Johnson, who will head the new Duke Energy. “Together, we can leverage our best practices to achieve even higher levels of safety, operational excellence and customer satisfaction.”

Under the transaction, the company will be known as Duke Energy with Progress Energy shareholders receiving 2.6125 shares of common stock in Duke Energy in exchange. Duke Energy will take on Progress Energy’s $12.2 billion net debt as well.