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Cinergy, Duke merger expected to be completed in 2006

Wednesday, August 3, 2005

Cinergy Corp. and Duke Energy announced Tuesday they have filed a joint application and testimony with the Kentucky Public Service Commission seeking approval of their merger agreement.

The companies have stated they do not anticipate such a merger would affect gas and electric service to the companies' respective customers.

Cinergy and Duke representatives have filed testimony with the Indiana Utility Regulatory Commission, the Kentucky Public Service Commission and the Public Utilities Commission of Ohio outlining expected benefits of the merger and commitments that Cinergy is making to the three states it serves, including:

- To maintain reliability and customer service in the three states

- To share net merger savings with customers through rate credits

- To continue proactive economic development programs and support for state and local economic development activities

- To continue involvement in local communities, through charitable giving and other contributions

- To provide the regulated utilities in all three states with insulation from activities of other affiliated companies and protection against cross-subsidization

Merger applications have now been filed in all five states to be served by the new company formed by the proposed merger and with the Federal Energy Regulatory Commission.

The merger is expected to be completed in 2006, after state and federal regulatory approvals are received.

On the Net:

Duke: http://www.duke-energy.com

Cinergy: http://www.cinergy.com

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