Progress Energy timeline

Progress

June 29, 2012 

Progress Energy Historical time line

1908: Carolina Power & Light formed in merger of three companies, Raleigh Electric, Central Carolina Power and Consumer Light & Power

1926: CP&L merges with Pigeon River Power Co., Asheville Power, Carolina Power Co. and Yadkin River Power of South Carolina, becoming one of the largest electric utility companies in the country

1946: CP&L stock begins trading on the New York Stock Exchange

1952: CP&L merges with Tide Water Power to expand into southeastern part of state, representing the company’s last major expansion for the rest of the century

2000: CP&L merges with Florida Progress to expand into Florida, doubling the company’s size and resulting in name-change to Progress Energy

2011

Jan. 10: Progress Energy and Duke Energy propose a corporate merger that would form the nation’s biggest electric utility

Sept. 2: Progress and Duke guarantee $650 million in savings over five years for customers in the Carolinas

Sept. 20: Three days of merger hearings get under way before the N.C. Utilities Commission

Sept. 30: The Federal Energy Regulatory Commission rejects the merger, saying it would “have an adverse effect on competition”

Oct. 8: The utilities propose merger revisions

Nov. 17: The merging utilities say they will cut 1,860 positions over three years

Dec. 14: Federal regulators reject the merger a second time, saying that proposed revisions were inadequate

2012

Feb. 22: Progress and Duke file merger revisions that include transmission upgrades plus wholesale power sales

May 8: In a compromise with N.C. consumer advocate, Progress and Duke agree to delay or absorb about $450 million in additional merger-related costs

June 8: Federal regulators approve merger with more than a dozen conditions

June 25: Second hearing held in Raleigh before the N.C. Utilities Commission, this one lasting less than an hour

Friday: N.C. Utilities Commission approves the merger.

Sources: N&O, Progress Energy, "A Century of Progress: Celebrating Progress Energy’s History of Service" by Chris Roush

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