Duke boosts Catawba nuclear stake

7 January 2007

Duke Energy Carolinas and North Carolina Electric Membership Corp (NCEMC) have reached a deal to purchase Saluda River Electric’s ownership interest in unit 1 of the Catawba Nuclear Station on the Catawba River in York County, South Carolina.

Saluda River currently owns approximately 19% of unit 1, with NCEMC and Duke Energy owning the remaining 56% and 25%, respectively of the 1,205 MW Westinghouse-designed PWR unit

The agreements, which are worth $200 million, call for Duke Energy to pay $158 million for the purchase of approximately 72% of Saluda River’s interest and NCEMC to pay $42 million for the remaining 28%.

Following the close of the transaction estimated for mid-2008 NCEMC and Duke Energy will own approximately 62% and 38%, respectively.

Duke Energy is a joint owner and the operator of the two unit 2,258 MW Catawba Nuclear Station with the joint owners of Unit 2 the North Carolina Municipal Power Agency at 75% and Piedmont Municipal Power Agency with the remaining 25%.

Currently, NCEMC owns 56% and Duke owns 25% of Unit 1.

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