October 24, 2016 6:34 AM ET

Electric Utilities

Company Overview of Duke Energy Progress, LLC

Company Overview

Duke Energy Progress, LLC, a regulated public utility, generates, transmits, distributes, and sells electricity in North Carolina and South Carolina. The company generates electricity through coal, nuclear, oil and gas, solar, and hydroelectric resources. It supplies electric services to approximately 1.5 million residential, commercial, and industrial customers covering an area of approximately 32,000 square miles. The company is based in Raleigh, North Carolina. Duke Energy Progress, LLC is a subsidiary of Duke Energy Corporation.

410 South Wilmington Street

Raleigh, NC 27601

United States



Key Executives for Duke Energy Progress, LLC

Chief Executive Officer
Age: 56
Chief Financial Officer and Executive Vice President
Age: 58
Chief Accounting Officer, Senior Vice President and Controller
Age: 41
Vice President
Age: 54
Compensation as of Fiscal Year 2016.

Duke Energy Progress, LLC Key Developments

Duke Energy Progress Wins $45.19 Million Federal Contract

Duke Energy Progress LLC was awarded a $45,187,307 federal contract by the U.S. Air Force for electric utility services. The place of performance will be at Shaw Air Force Base, South Carolina.

South Carolina Regulators Approve Settlement Agreement for DEP Fuel Costs

South Carolina regulators have signed off on Duke Energy Progress LLC's cost recovery for fuel expenses and distributed energy programs, such as net metering. The Public Service Commission of South Carolina voted 6-0 on June 22 to approve a settlement agreement tied to the Duke Energy Corp. utility's annual review of fuel-related base rates. The charges approved in the settlement will be effective from July 1 through June 30, 2017. The settlement agreement reached between Duke Energy Progress and clean energy and customer advocates, as well as the South Carolina Office of Regulatory Staff, allows the utility to impose a monthly charge on its customers to recover incremental and avoided costs tied to the state's Distributed Energy Resource Program, or DERP. Under the agreement, the Office of Regulatory Staff announced it "agrees with and accepts" Duke Energy Progress' under-recovery balance of $156,578 through the time of the filing and projected DERP incremental costs of $888,500 through June 2017. The DERP charge amounts to 35 cents per month for residential customers, 70 cents for commercial customers and $62.56 for industrial customers. In addition, DEP will charge residential customers a "combined total projected fuel factor" of approximately 2.5 cents/kWh with general service demand and lighting customers paying a fuel factor of approximately 2.2 cents/kWh. The fuel factors include base fuel costs, environmental costs, avoided capacity and the DERP avoided cost.

Duke Energy Progress Proposes to Build the $750 Million Combined-Cycle Natural Gas Plant

Duke Energy Progress proposes to build the $750 million combined-cycle natural gas plant on the site of the current 376 megawatt Asheville coal plant. Once the gas plant is completed in 2019, Duke intends to close the coal plant down. The move was initially popular, including with some environmental groups, because it involved shutting down the coal plant years ahead of Duke's original plan. But the gas plant has run into opposition as regional groups raised objections to plans for a 45 mile power line through North Carolina's southwestern mountains and South Carolina's foothills. That line would run from the plant site to a new switching station at Campobello, S.C., to connect the plant to Duke Energy Carolinas' grid in South Carolina.

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Recent Private Companies Transactions

No transactions available in the past 12 months.

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