Duke Energy Complete Merger With Progress Energy Inc; Board Changes

Duke Energy announced the closing of its previously announced merger with Progress Energy Inc., effective July 2, 2012. The new Company will be known as Duke Energy and will remain headquartered in Charlotte, with substantial operations in Raleigh, N.C. Duke Energy will trade on the New York Stock Exchange under the symbol DUK. In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy. Duke Energy also announced the newly constituted board of directors has appointed Jim Rogers as President and Chief Executive Officer of the combined company, effective immediately. Rogers will also maintain his responsibilities as Chairman of the Company's Board. Bill Johnson has resigned as President and Chief Executive Officer of the combined company, by mutual agreement.