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SALISBURY -- Elected officials and Duke Energy leaders gathered Friday at the Buck Steam Station in Salisbury. The new combined natural gas and steam facility will better serve the growing population with lower rates in the future.

"It really puts us in position to have a great fuel mix," said North Carolina President of Duke Energy Brett Carter. "We will be retiring old coal units and bringing on efficient, clean natural gas to power this particular generating facility."

It's part of Duke Energy's plan to modernize its fleet.

"The coal needs to be retired. The fact that this facility opened in 1926 tells you we've gotten our money's worth out of these plants," said Carter.

With strict environmental regulations on emissions, moving to natural gas plants is more cost effective for Duke and its growing population of consumers.

"We see more and more homes using more and more computers, more televisions, etc. and so this plant represents the future of energy consumption," said Carter.

It also represents future rates. The $700 million investment will be added to Duke Energy's rate base, in conjunction with the $65 billion merger with Progress Energy.

"And customers will feel that, that increase, but what we're also saying that we're positioning N.C. to be ready for future growth," said Carter.

The merge, expected to be complete by the end of the year, will eventually mean savings.

"When we combine those two, we're going to get savings from the joint dispatch and we'll also get savings from the size and the scale that we can preserve more costs out of our fuel purchases," said Carter.

And those saving will flow into customer rates.

Duke Energy is currently awaiting hearings with the North Carolina Utilities Commission and remains positive the merge will be complete by the end of the year. New rates are expected to take effect in February 2012.