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Most Cinergy employees won't notice change, official says

Tuesday, May 10, 2005

Cinergy and Duke Energy announced a merger Monday that will keep things relatively the same for employees and customers, one Cinergy official said.

"The vast majority of our employees will not notice changes," said Angeline Protogere, Cinergy media representative.

The merger approved unanimously by both company's board of directors will result in an energy company with approximately $36 million in market capitalization and 5.4 million retail customers, according to a news release.

The two companies combined employees number roughly 29,000.

"We would estimate staff reductions -- due to overlapping positions -- to 1,500," she said.

Protogere said the two companies hope the majority of the cut positions can be made through early retirement.

However, Cinergy and Duke Energy's chairmen and chief executive officers will retain their upper management positions.

In regards to customer relations, she said, "It's premature to speculate on new services," but Duke Energy's customer service is ranked among the best in the U.S., she said.

The combined company will be known as the Duke Energy Corporation.

Indiana service provider PSI Energy will continue to exist and continue to be headquartered in Plainfield, Ind.

Duke Energy Corporation Chairman of the Board Paul M. Anderson said, "The combination of Duke Energy and Cinergy will create a rock-solid portfolio of electric and gas businesses, increasing value for our shareholders immediately and in the longer term."



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