FYI - DUK is in the process of getting stockholder approval of a 1/3 reverse split that is supposed to be needed for the buyout/merger of PGN. I think the last time they raised the dividend they raised so Cinergy stockholders would continue to get the same dividend as they had before the buyout.
According to the proxy - the reverse split is needed because there aren't enough authorized shares to complete the merger with PGN (don't know why they can't just authorize more shares). This reverse isn't like the one Citi had earlier this year because the trading price of the stock was too low. To me, the turmoil of putting the companies together is more of a threat to the stock price than the reverse split. I own shares in both SO and DUK, so I am not trying to sway anyone's stock selections.