July 2, 2014
/PRNewswire/ -- Duke Energy, on the second anniversary of its merger with Progress Energy, today announced it has completed and placed into service eight transmission line expansion projects it committed to undertake in
as a condition of federal approval of the
July 2, 2012
Duke Energy built the projects to mitigate the Federal Energy Regulatory Commission's merger-related market competition concerns in the state.
"We completed the projects at a cost of
below our original
estimate – and put them into service a year ahead of federal regulators'
June 1, 2015
deadline," said Duke Energy's chief transmission officer,
Seven of the projects are located in the company's Duke Energy Progress service area. One is in the Duke Energy Carolinas service area.
The transmission line projects significantly increase electricity import capabilities in the two service areas, enhancing competitive power supply options in the state.
Duke Energy now can end temporary electricity sales to three outside power trading companies, which also had been required as a condition of federal merger approval.
Since the merger, Duke Energy has produced approximately
in cumulative savings for
May 31, 2014
, as a result of fuel savings and the combined operation of the Duke Energy Carolinas and Duke Energy Progress power plant fleets.
Duke Energy passes those savings on to customers in the two states through electric rate fuel clauses, adjusted annually.