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Keith Trent to Lead Duke Energy’s Regulated Utility Business July 13, 2012

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CHARLOTTE, N.C. -

Duke Energy today named Keith Trent executive vice president of Regulated Utilities, effective immediately. Trent replaces John McArthur, who resigned from the company this week.

Trent is responsible for rates and regulatory initiatives, state and local government relations, economic development, community affairs, integrated resource planning and wholesale power for the company's regulated utility operations in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio. He is also responsible for federal government affairs, as well as environmental and energy policy at the state and federal levels.

“Keith is returning to a familiar role, having led our company’s regulated utility business from 2006 to 2009,” said Jim Rogers, chairman, president and chief executive officer of Duke Energy. “After the merger with Cinergy, Keith served as Duke Energy’s chief strategy, policy and regulatory officer, leading this important segment of our business and successfully integrating teams in the Midwest and the Carolinas.

“Keith’s broad experience, including serving as general counsel, will prove invaluable as we bring two organizations together to deliver on our commitment to build one company and one team, providing affordable, reliable and cleaner energy to customers 24/7.”

Since 2009, Trent has led the Commercial Business organization for Duke Energy, responsible for Duke Energy Generation Services; Duke Energy Renewables; Midwest Commercial Generation; Commercial Transmission; and Duke Energy International, with operations in Latin America.

Under Trent’s leadership, the commercial businesses have delivered outstanding safety, financial and operational results and have significantly grown the company’s renewable energy business.

“Delivering on our customers’ interests and achieving strong financial performance from our regulated utilities are critical to Duke Energy,” Trent said. “With 7.1 million customers in six states, we will continue to play a crucial role in helping to shape energy policy that protects our customers, shareholders, the environment and our communities. We will focus on balancing our stakeholders’ important interests and perspectives.”

The company has named Chuck Whitlock, president of Midwest Commercial Generation, as the interim leader in the Commercial Business organization.

Trent joined Duke Energy in May 2002 as general counsel, litigation. He was named group vice president, general counsel and secretary in June 2005, and group executive and chief development officer in April 2006. His education and background include engineering and legal counsel.

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: www.duke-energy.com.

CONTACTS:

MEDIA - Mike Hughes
800-559-3853

ANALYSTS:
Bill Currens              Bob Drennan
704-382-1603         704-382-4070

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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