Duke Energy finishes $1.2B power buyout of eastern NC cities

Associated Press

Power news: Duke Energy finishes $1.2B power buyout of eastern NC cities

RALEIGH, N.C. (AP) — Duke Energy Corp. says it's competed a $1.2 billion deal to buy out dozens of eastern North Carolina cities that have struggled for years with bad investments in power plants.

The country's largest electric company reported the buyout Friday to the Securities and Exchange Commission that gives it full ownership of four coal-fired and nuclear power plants.

Charlotte-based Duke Energy is selling wholesale power back to the North Carolina Eastern Municipal Power Agency under a 30-year contract.

The deal is expected to lower electricity bills in eastern North Carolina, where the towns had been unable to recruit businesses because of power costs 30 to 50 percent higher than nearby communities. The towns invested in the plants in the 1970s to hedge unpredictable energy costs before nuclear construction costs skyrocketed.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs