(CHARLOTTE) -- Duke Energy shareholders on Tuesday overwhelmingly approved a proposed merger with Progress Energy. Progress Energy shareholders also approved the merger during a separate meeting in Raleigh.

"The merger will increase our ability to more economically modernize our generation fleet and grid while providing significant savings to customers through improved fuel purchasing power and greater plant dispatch efficiency," said Jim Rogers, chairman, president and chief executive officer of Duke Energy.

The deal is still subject to regulatory approval by various agencies but is on track to close by the end of the year. The combined company will be the country's largest utility.

Bill Johnson, Progress Energy's current chairman, president, and chief executive officer, will take the helm of the new company as the president and chief executive officer upon completion of the merger. Rogers will serve as executive chairman in an advisory role for two years after the merger.