Product Details
Duke Power Company
Certificate TypeRegistered NoteDate IssuedAugust 29, 1975CanceledYesPrinterAmerican Bank Note CompanySignaturesHand signedApproximate Size12" (w) by 8" (h)Additional DetailsNA
Historical Context
The Duke Power Company began in 1900 as the Catawba Power Company when Dr. Walker Gill Wylie and his brother financed the building of a hydroelectric power station at India Hook Shoals along the Catawba River near India Hook, South Carolina. In need of additional funding to further his ambitious plan for construction of a series of hydroelectric power plants, Wylie convinced James Buchanan Duke to invest in the Southern Power Company, founded in 1905.
In 1917 the Wateree Power Company was formed as a holding company for several utilities that had been founded and/or owned by Duke, his family, or his associates, and in 1924 the name was changed to Duke Power. In 1927, most of the subsidiary companies, including Southern Power Company, Catawba Power Company, Great Falls Power Company, and Western Carolina Power Company were merged into Duke Power, although Southern Public Utilities, 100% owned by Duke Power, maintained a legally separate existence for the retail marketing of Duke-generated power to residential and commercial customers.
Before the passage of the Civil Rights Act of 1964, Duke Power had an overt policy of openly discriminating on the basis of race in hiring and assigning employees at its Dan River plant. In the years following the passage of the Civil Rights Act, Duke Power continued to racially discriminate by implementing education requirements for work placement that did not directly relate to the work being done. The Supreme Court found in Griggs v. Duke Power Co. that this policy violated the law and was discriminatory.
A 1973 labor dispute between mine workers and Duke Power was the subject of the documentary "Harlan County, USA." The film documents the use of "gun thugs" to intimidate striking workers.
In 1988, Nantahala Power & Light Co., which served southwestern North Carolina, was purchased by Duke and is now operated under the Duke Power Nantahala Area brand. Duke Power merged with PanEnergy, a natural gas company, in 1997 to form Duke Energy. The Duke Power name continued as the electric utility business of Duke Energy until the Cinergy merger.
With the purchase of Cinergy Corporation announced in 2005 and completed on April 3, 2006, Duke Energy Corporation's customer base grew to include the Midwestern United States as well. The company operates nuclear power plants, coal-fired plants, conventional hydroelectric plants, natural-gas turbines to handle peak demand, and pumped hydro storage. During 2006, Duke Energy also acquired Chatham, Ontario-based Union Gas, which is regulated under the Ontario Energy Board Act (1998).
On January 3, 2007, Duke Energy spun off its gas business to form Spectra Energy. Duke Energy shareholders received 1 share of Spectra Energy for each 2 shares of Duke Energy. After the spin-off, Duke Energy received the majority of its revenue from its electric operations in portions of North Carolina, South Carolina, Kentucky, Ohio, and Indiana. The spinoff to Spectra also included Union Gas, which Duke Energy acquired the previous year.
On July 3, 2012, Duke Energy merged with Progress Energy Inc with the Duke Energy name being retained along with the Charlotte, North Carolina, headquarters.
In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion to become its wholly owned subsidiary.
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