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Outlook for 2011 and Beyond

Throughout 2011, we will be planning for the integration of Duke Energy and Progress Energy and filing for merger approvals with various federal and state regulators and shareholders of both companies. We will leverage our existing systems and evaluate best practices to ensure an efficient integration of the two merged companies. We have named the top-tier management team for the combined company and have integration planning teams in place. These early decisions were designed to accelerate the integration planning process. We are targeting to close the transaction by the end of 2011.

Our 2011 outlook assumes a slow economic recovery, continued progress on our modernization efforts, and stabilization of the competitive environment in Ohio. We expect adjusted diluted earnings per share between $1.35 to $1.40. In addition, you can expect:

  • An increase in the quarterly dividend of approximately 2 percent during 2011, subject to board of directors’ approval
  • Requests for increases in customer rates to recover expenses incurred in constructing and upgrading power plants
  • Continued efforts across our jurisdictions to gain approval of mechanisms that narrow the gap between allowed and earned returns
  • Increased safety performance and improved reliability due to plant and equipment investments and the continued rollout of digital technology, and
  • Continued support for communities through leadership, investment, economic development and service projects.