Duke Energy (NYSE: DUK) Progress filed an asset purchase agreement (APA) approval request with the Federal Energy Regulatory Commission (FERC) to acquire the North Carolina Eastern Municipal Power Agency's (NCEMPA) generating assets for approximately $1.2 billion.
Currently, NCEMPA maintains partial ownership interest, representing nearly 700-MW, in several Duke Energy Progress plants, including Brunswick Nuclear Plant Units 1 and 2 (Brunswick County), Mayo Plant (Person County), Roxboro Plant Unit 4 (Person County) and the Harris Nuclear Plant (Wake County).
FERC approval is required for Duke Energy Progress to enter into a 30-year wholesale power supply agreement with NCEMPA. Duke Energy Progress will also need the approvals of the North Carolina Utilities Commission, Public Service Commission of South Carolina and the Nuclear Regulatory Commission.
Under the terms of the agreement, approvals must be received and the transaction completed by the end of 2016.
To read the asset purchase agreement, click here
To read the wholesale power purchase agreement, click here