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Duke Energy Announces Executive Departures July 10, 2012

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CHARLOTTE, N.C. -

Duke Energy Corporation today announced that John McArthur, executive vice president of Regulated Utilities, Mark Mulhern, executive vice president and chief administrative officer, and Paula Sims, chief integration and innovation officer, have resigned, effective immediately.

Jim Rogers, chairman, president and chief executive officer of Duke Energy, said, “We regret that John, Mark and Paula have decided to move on from Duke Energy. Since we closed the merger, we have spoken extensively with the members of our senior management committee. Our hope was that we could all work together to capitalize on the significant opportunities we now have as one company. While we encouraged the entire team to maintain their roles, John, Mark and Paula requested to step down and we wish them well.

“We are grateful to be able to draw from the deep bench of executives from both Progress Energy and Duke Energy and have already begun working to identify the best way to fulfill the responsibilities held by John, Mark and Paula. We look forward to executing on our strategy as one company and one team committed to offering significant benefits for customers, shareholders and the communities we serve,” Rogers said.

The company also noted that its integration efforts are on track. More than 50 integration teams made up of representatives from both Duke Energy and Progress Energy have been working diligently to execute on the integration at the functional level.

About Duke Energy
Duke Energy is the largest electric power holding company in the United States with more than $100 billion in total assets. Its regulated utility operations serve approximately 7.1 million electric customers located in six states in the Southeast and Midwest. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/

Forward-Looking Information
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast," and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Duke Energy cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the benefits of the merger involving Duke Energy and Progress Energy, including future financial and operating results, Duke Energy's plans, objectives, expectations and intentions, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; and other factors discussed or referred to in the "Risk Factors" section of each of Progress Energy's and Duke Energy's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are identified and discussed in Progress Energy's and Duke Energy's reports filed with the SEC and available at the SEC's website at http://www.sec.gov/. Each forward-looking statement speaks only as of the date of the particular statement and Duke Energy undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.


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